Deciding which carrier to use for your Credit Union Bond can be a challenge. For several reasons, it would be a huge mistake to just automatically renew your bond with your current carrier. Number one is cost. I can speak from personal experience that you can save upwards of 30% for equal, possibly better, coverage just by shopping around. Just to put things in perspective; a $30 million credit union saved $9,ooo just by making a switch. The CEO testifies that claims were paid without a hassle and service was excellent.
But you just love your Rep, and you couldn't do that to him/her? If they are charging you 30% more than they should, they aren't doing you any favors.
Get several quotes, find out which services they offer, etc. When they discover that you are shopping around, your current carrier may miraculously find a way to reduce your premium. In any case, make an informed decision.
The NCUA has approved about a dozen carriers. A list can be found here: http://ncua.gov/Resources/AdministrativeOrders/Bonds.aspx
A personal story. I was having dinner with my wife and this guy walks in and loudly proclaims: " I think all insurance agents are crooks". A man quickly rushes up to the guy and shouts "You take that back!" The guy replies, "Why? ... are you an insurance agent?", the man, in a rage, hollers back, "No, I'm a crook".
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