Insurance Claims Checks

Understanding the claim process:

First Federal Credit Union, as your lender, is listed as payee on your insurance claim check. The interest we hold in the real property/collateral warrants us to oversee the repairs and disburse the insurance claim funds accordingly.

First Federal Credit Union requires the following documentation:

Claim check endorsed by all parties prior to sending to First Federal Credit Union for endorsement
Copy of the Insurance Adjustor's Report
Restoration Affidavit signed by all borrowers, found in this brochure
Contractor bid/estimate (if available)

Type of Claims:

First Federal Credit Union will classify your insurance loss based on your loan and amount of loss as monitored or non-monitored.

Non-Monitored Claim:

Check is issued to borrowers for full amount to be used for payment of repairs

Once Repairs are completed:

Send Evidence of restoration (paid receipts & pictures) to LoanDepartment@firstfedcu.com
Loan servicing will endorse depreciation check (if applicable)

Monitored Claim:

Check is deposited into a restricted escrow account to be disbursed in increments upon request.
Inspection(s) periodically and at completion*
Contractor(s) completed W-9 form prior to completion.
Check is made payable to borrowers and contractor for completed repair

*Inspection time may vary due to volume which could delay disbursement checks

INSURANCE CLAIM BROCHURE