CPI Page
Collateral Protection Insurance (CPI)
When you have a collateralized loan with Redwood Credit Union, providing proof of insurance is a requirement. If proof of insurance isn’t provided to your RCU lending agent at the time your loan is funded, collateral protection insurance (CPI) may be automatically added to your loan at your expense. This covers the asset but not the liability.
Provide us with your policy declarations
Ask your insurance provider to include the Loss Payee Clause on your policy as follows depending on your loan type.
- First Mortgages
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 961292
Fort Worth, TX 76161-0292
Loan#: {always include RCU Loan Number here}
- Second Mortgages (Flood)
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 390447
Minneapolis, MN 55439-0447
- Auto
Redwood Credit Union
PO Box 390447
Minneapolis, MN 55439-0447
Select your loan type below and use the Upload Documents links to add your loan documents.
If you have your ReferenceID, Last Name and Zip code associated with your auto loan or 2nd Mortgage please click here to upload your proof of insurance. If not, choose one of the options down below.
If you’d like to confirm receipt of your uploaded documents, please call 1 (888) 491-5114 for second mortgages/home equity loans, 1 (866) 669-8615 for first mortgages or 1 (888) 739-5882 for Auto.
If Redwood Credit Union doesn’t receive acceptable proof of the required insurance, it may become necessary to protect our interest by purchasing a collateral protection Insurance (CPI) certificate at your expense. Please be aware that CPI is not a substitute for standard insurance and generally carries higher premiums than insurance you can purchase on your own. CPI is designed to protect only our interest in your collateral for claims filed by us as the creditor for losses, and therefore may not pay for claims you make. Even more importantly, it does not provide any liability coverage for claims made against you and does not satisfy any mandatory liability insurance or financial responsibility laws of this or any other state. For these reasons, we encourage you to provide your own insurance.
What is an Insurance Policy Declaration?
Your insurance policy declaration is the front page (or pages) of your insurance policy that includes your personal information, details about the insured home or vehicle, policy limits, deductibles, and other key information that varies from insured to insured. Your declarations page should also show Redwood Credit Union listed as a lien holder or loss payee. You may be able to obtain a PDF through your insurance carrier’s website if you have an online account. You can also scan or photograph a paper copy, or you can ask your agent to send you a copy.
Second Mortgages
Mail:
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 390447
Minneapolis, MN 55439-0447
Fax:
1 (833) 671-2122
Email:
proofofinsurance@redwoodcu.org
Auto
Mail:
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 390447
Minneapolis, MN 55439-0447
Fax:
1 (833) 671-2121
Email:
proofofinsurance@redwoodcu.org
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