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Specialty Coverages Insurance

Heartland Credit Union has partnered with Newtek Insurance Agency, LLC to provide you with the right insurance coverage at the right prices. Newtek offers insurance products in all fifty states. Our programs are underwritten by multiple carriers who have been afforded A.M. Best “A” ratings. Our Business Service Specialists are available to help you understand your exposure and provide you with advice on the most economical way to protect your business.

Type of Specialty Coverage Insurance

Commercial Bonds are generally required by statute and guarantee some aspect of the Principal’s operation. Some examples include:

License and/or permit bonds
Union welfare bonds
Tax bonds
Court bonds
Miscellaneous bonds

Financial Institution Bonds are a vital element in any institution’s risk management program. These institutions include commercial banks, state commercial banks and trust companies.

Insurance covers:

Fidelity
Premises
Transit
Counterfeit money
Forgery or alteration
Securities
Fraudulent mortgages

Property – Builders Risk coverage for materials, supplies, machinery, equipment, fixtures designed to be a permanent part of the fabrication, erection, installation, alteration, or completion of a commercial construction project while at the project site, as well as in transit, or at any temporary location.

Equipment Maintenance insurance is an innovative and affordable alternative to traditional equipment maintenance contracts and is available for various types of equipment. Coverage is generally broader than conventional maintenance agreements and includes scheduled preventive maintenance work as well as coverage for failures caused by operator error and power surge.

Lenders Single Interest / Collateral Protection is designed for lending institution’s interest in property used as collateral for a loan in case the borrower does not have adequate coverage. A blanket limit of liability is provided for all outstanding collateral, and the premium is based on the outstanding loan balance, which must be periodically reported to the insurer. The amount of recovery is the lesser of the outstanding loan balance or the current value of the collateral. Coverage is not provided for any interest of the borrower.