Insurance FAQs
Why is my insurance claim check also made payable to Busey Bank?
We have a security interest in the property and need to make sure the property is restored to good or marketable condition that is similar to what it was before damage occurred.
What do I need to do for Busey Bank to endorse my insurance claim check?
For claims of $40,000 or less, before the bank will endorse an insurance claim check we require a copy of the claim’s Adjuster’s Report and a signed Repair Affidavit, which can be found in our Insurance Claim Information Packet.
For claims greater than $40,000, in addition to the claim’s Adjuster’s Report and a signed Repair Affidavit, a contractor’s repair contract, contractor’s insurance liability certificate, and contractor’s business license.
How am I able to submit insurance claim-related documents to Busey Bank?
Busey Bank has two convenient methods for submitting the required documents associated with your insurance claim:
1. Our online insurance claims portal allows you to remotely submit documents in nearly any file format without the need to visit a Busey Bank service center.
2. Documents may be brought to any Busey Bank service center.
2. Documents may be brought to any Busey Bank service center.
Why does Busey Bank require my insurance claim check to be deposited into a savings account?
We have a security interest in the property and need to make sure the property is restored to good or marketable condition that is similar to what it was before damage occurred. For claims greater than $40,000, the funds are deposited into an interest-bearing savings account and distributed as necessary as various repair contractors are hired or repairs are completed. A final inspection is often required before any remainder of funds are disbursed back to the customer.
How am I able to access funds from my insurance claim savings account?
Simply contact our consumer loan Service Support team (1-800-672-8739) to request the release of additional funds. A property inspection may be necessary to confirm the progress of repairs. Based on the results of the inspection or invoices provided, a check will be mailed to you, or funds transferred to your Busey Bank deposit account.
What will happen if I do not obtain Busey Bank’s endorsement on my insurance claim check or, after doing so, do not provide the necessary insurance claim-related documents?
When Busey Bank is named as one of the payees on your insurance claim check, the check cannot be cashed or deposited without Busey Bank first endorsing the check.
After funds have been deposited into an insurance claim savings account, if the necessary documents requested by Busey Bank are not provided, there may be a delay in funds from the account being made available or funds may not be made available until after an inspection of the repairs has been completed.