Excess Share Insurance
Excess Share Insurance
Money Market Accounts at Pelican Credit Union are insured up to $1,000,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).
ESI’s Coverage
The NCUA provides baseline federal insurance on your share accounts. For balances that exceed the NCUA limit, ESI provides an additional $750,000 in private coverage — bringing total protection to $1,000,000 for eligible Money Market account holders.
Account Type
NCUA Coverage
ESI Coverage
Total Insured
Money Market Account
$250,000
$750,000
$1,000,000
ESI’s Policy
To be eligible for excess coverage, Pelican Credit Union must comply with ESI’s rigid underwriting standards. Individual policies are not provided to Pelican members, and there is no direct cost to you for this coverage. Pelican or ESI may terminate or modify this coverage, but in either case you would be notified in writing of any change in the excess coverage.
About ESI
Excess Share Insurance Corporation (ESI) is headquartered in Dublin, Ohio, and is a wholly owned subsidiary of American Share Insurance — a credit union-owned private deposit insurer founded in 1974. As a property and casualty insurer, ESI is licensed and regulated by the state insurance department.
What Accounts are Covered?
Excess Share Insurance applies to Pelican Money Market accounts. Standard savings accounts, certificates, and checking accounts are covered by the NCUA up to $250,000 per account type. Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $750,000 by ESI.
For members with high balances who want broader protection, the Money Market account is the most comprehensively insured deposit option at Pelican.
