Group Insurance Scheme

This is a group scheme for pooling insurance coverage on houses financed through mortgage loans at PSCCU. This scheme replaces the system which allowed borrowers to independently arrange for their own home insurance needs. CLICO General Ltd. is the appointed underwriter for the group scheme. It covers perils like fire, lightening, hurricane, explosion, windstorm, theft, earthquake, volcanic eruptions and impact damage. In order to facilitate members, the PSCCU has established insurance accounts to which members are required to make small monthly contributions in order to pay annual insurance premiums when they fall due.