Collateral Protection Insurance (CPI)
Your Loan Agreement requires that you maintain physical damage insurance coverage to protect the Credit Union’s interest in your collateral. You may contact an insurance agent or insurance company of your choice to obtain this necessary coverage. It is important to inform them to name Armstrong Associates Federal Credit Union as Loss Payee/Lienholder. The mailing address for insurance verification purposes is:
Armstrong Associates Federal Credit Union
P.O. Box 191
Ford City, PA 16226
If you fail to obtain or maintain your own insurance, we may purchase insurance to protect our interest in your collateral; this insurance is referred to as Collateral Protection Insurance or CPI. The cost of this insurance will usually be considerably more than the cost of insurance you may be able to obtain on your own. CPI only protects AAFCU’s interest in your collateral. It does not protect your interest or equity in the collateral. It will not provide bodily injury or property damage liability coverage, nor meet any state financial responsibility or no-fault laws. CPI will not provide medical insurance, uninsured motorist or underinsured motorist coverage.
Your signed Loan Agreement allows us to purchase this insurance and add the premium for it to your loan balance. In some cases, it also allows us to increase your payments to cover the cost of the insurance.
Your insurance information may be submitted to us via fax at 724-763-9375, or you may submit the information electronically by email at email@example.com. Questions may also be directed by phone to 1-866-445-4524. Your policy may be faxed to 1-877-219-5867. You may also submit your information using the Web ID and Ref ID supplied in your notice, using this link: http://www.myloaninsurance.com.