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Status: You are viewing the version of the handbook as on 2009-03-31.

CRED 7A Annex 1 Insurance against fraud or other dishonesty

R

Column (1)

Aggregate value of share subscriptions and other deposits received and not repaid (the "aggregate value")

Column (2)

Cover required in respect of any one claim

Column (3)

Cover required in respect of total claims made in any one year

Row (A)

Less than £10,000

The higher of £500 or 50 per cent of the aggregate value

The higher of £1,000 or 100 per cent of the aggregate value

Row (B)

£10,000 to £100,000

The higher of £5,000 or 20 per cent of the aggregate value

100 per cent of the aggregate value

Row (C)

More than £100,000

The higher of £20,000 or 15 per cent of the aggregate value

The higher of £100,000 or 75 per cent of the aggregate value

Row (D)

More than £1,000,000

£150,000 plus 5 per cent of the aggregate value over £1,000,000, subject to a maximum of £2,000,000

£750,000 plus 5 per cent of the aggregate value over £1,000,000, subject to a maximum of £4,000,000

In relation to a credit union which, at the relevant date, has accepted and not repaid share subscriptions and other deposits of the aggregate value stipulated in column (1) of the table in this Annex, the limit in respect of any one claim is the amount appearing in the corresponding part of column (2); and the amount in respect of the total of claims made in any one year is the amount appearing in the corresponding part of column (3).

For the purposes of this Annex, "the relevant date" is either the date of inception or renewal of the policy of insurance, or such other date as the credit union determines, provided that the relevant date in each year subsequent to the first must be not more than one year after the relevant date in the preceding year.