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Property and Casualty

The Credit Union Property and Casualty (CUPAC) Program

The CUPAC Program provides comprehensive protection for credit unions; the coverage is designed specifically for credit union operations. In order to go above and beyond and create the most comprehensive coverage available, the CUMIS Risk Solutions Group has consulted and continues to consult with all levels within the credit union system, from Centrals to single branches. 
We design coverage to protect against loss or damage to physical property and provide security on loans and mortgages.

Property Coverage

Building, Contents and Tenants' Improvements

Coverage protects your credit union's building and contents on an All Risks basis and is insured for Guaranteed Replacement Cost.
CUMIS Insurance will pay the cost of repairs or replacement, on the same site, even if the cost to rebuild your credit union
exceeds the insured amount shown on the insurance policy.
Additionally CUMIS Insurance offers coverage for extra expenses, loss of rental income and more.

Data Processing Operations Coverage

Data Processing Operations Coverage protects your credit union’s data processing equipment and components which include terminals, tape drives and automated teller machines. It also includes coverage for data processing media including: cards, tapes, films, disks, drums and any other data storage devices.  Extra expenses incurred by your credit union during the period of restoration can also be covered.

Financial Records Coverage

Financial Records Coverage protects the documents of loans, savings and mortgages, as well as other valuable papers including books of account, books, maps, films, drawings, abstracts, manuscripts, passports, card index systems, tickets; and records providing the name, address and account details for each of your credit union members.

Financial Coverage

Developed specifically for credit union business risks such as your interest in the security used by members to secure loans and mortgages.

Chattel Operations

CUMIS Insurance understands the Canadian credit union landscape and provides extensive coverage to protect your security interest in chattel loans (non real estate). Learn More

Real Estate Mortgage Operations

Includes coverage for errors and omissions, mortgage impairment, foreclosed and non-foreclosed property. Learn More

Residential Property Survey Impairment

Residential Property Survey Impairment coverage protects against loss to your credit union’s mortgagee interest in residential property as a direct result of the mortgagor not providing a current survey to you at the time the mortgage was granted.

Property Tax Arrears

Property Tax Arrears coverage protects against loss to your credit union’s mortgagee interest in property as a result of the mortgagor's failure to pay property tax to the local municipality.

Liability Coverage

Liability Coverage applies to bodily injury or property damage arising out of your credit union’s ownership, maintenance and use of your premises or from your credit union’s operations.
Coverage protects your credit union from the following key areas of liability:
  1. Premises and operations
  2. Advertising injury
  3. Completed operations
  4. Contract
  5. Employer’s
  6. Incidental medical and malpractice
  7. Non-owned automobile
  8. Personal injury
  9. Product
  10. Tenants’ legal
  11. Safety Deposit Box
  12. Employee benefits

Accident Coverage

Crime Accident 

Covers death or bodily injury to any credit union staff or member resulting from a criminal act on the premises or criminal act involving the credit union’s property.

Group Accident

Covers accidental death, bodily injury or total disability to any person insured by the credit union.

Account Holders Accident

Covers accidental death, bodily injury or total disability to an insured account holder of the credit union. 

Other Coverage Available

Equipment Breakdown

Equipment breakdown covers loss due to the breakdown of mechanical and electrical equipment, such as data processing and communication equipment and equipment used to provide human comfort such as heating and air conditioning systems, boilers, hot water tanks and more.

Buyer Protection

Provides coverage for the credit union’s insured debit holders.
  1. Purchase Guard – covers direct physical damage to items purchased on insured debit, within 120 days of purchase.

  2. Extended Warranty – extends a warranty for up to one additional year following expiration of manufacturer’s warranty for items purchased on insured debit card.