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CUNA Mutual Group Debuts Legal Defense Reimbursement Coverage
Tuesday, February 25, 2014 6:30 AM

To help protect credit unions against rising litigation costs, CUNA Mutual Group has introduced Enhanced Defense Reimbursement, a cutting-edge coverage within its Management & Professional Liability insurance policy that reimburses credit unions for certain defense costs associated with claims that are commonly not covered by liability policies.

More and more litigation risks are emerging that are not covered by traditional liability insurance policies, said John Wallace, vice president of commercial products for CUNA Mutual Group. “Emerging litigation risks continue to plague the financial industry, and even the most vigilant credit unions can fall victim to these lawsuits.”

This additional coverage is timely, as credit unions face increasing litigation in several areas. Some emerging but typically uncovered risks that led CUNA Mutual Group to develop Enhanced Defense Reimbursement include:

  • Increased levels of litigation seeking injunctive relief damages (e.g. recent ATM and Americans with Disabilities Act litigation against credit unions)
  • Heightened patent troll litigation activity
  • Growing regulatory risks driven by Consumer Financial Protection Bureau rulemaking
  • Disgorgement claims, such as the overdraft re-sequencing litigation

For more information, please contact your CUNA Mutual Group sales executive, at (800) 356-2644.