MADISON, Wis. – CUNA Mutual Group announced yesterday it will be offering Commercial Foreclosure Property and Liability insurance policy for credit unions’ member business loans through a partnership with Lee & Mason Financial Services.
The partnership with Lee & Mason will enable credit unions to better manage risks associated with owning an increasing number of foreclosed commercial properties.
Credit unions will be able to choose to cover the property (building, contents, including equipment) and/or business liability.
The Commercial Foreclosure policy features: vacant, partially vacant, and business personal property coverage; three, six, nine, or 12-month policy term options; basic (vandalism and malicious mischief) or special perils (includes the basic perils and theft) and actual cash value valuation.
