Navy Army CCU Mobile Banking for iPhone

Our Mobile Banking App lets you handle your banking needs whenever and wherever you want!

Get the App Now

Disaster Relief and Loss Claim Information - NavyArmy Community Credit Union in Corpus Christi and the Rio Grande Valley, Texas

October 16, 2017


Damage to Your Home? Have questions about what to do next?

We know this may be a difficult time and we’re committed to helping you get your insurance claim funds as quickly and easily as possible. Not only do we value you as a NavyArmy member, but as your Home Loan Lender, we have a security interest in the property and need to make sure it’s restored to its original condition or value. Please contact our Loss Draft Department at 1-877-592-0192 for assistance with your property claim process.

Step 1. Contact your insurance company if you have any property damage
Your first step is to contact your insurance company and report the claim. In most cases, your insurance company will send an adjuster to your home to assess your property damage, determine a claim settlement, and issue an insurance claim check.

Step 2. Contact our Loss Draft Department at 1-877-592-0192 for assistance with your property claim
We’ll provide you important details on how to process your claim check. We’ll discuss how NavyArmy will be involved in the process to restore your home. We’ll look for other ways we can help, like offering flexible loan payment options.No matter how significant your property damage – even with a complete loss of your home – we’ll work with you to review all of your options.

Step 3. Endorse the insurance check and start the repair process
When you receive your insurance check, you’ll notice that Navy Army Community Credit Union is named on it (review FAQs below for further instructions on how to proceed).

I received a loss draft check payable to me and NavyArmy, how do I cash it?

Claim Check $20,000 or less
After you receive your claim check from your insurance company, bring it into a NavyArmy branch or mail it to us using the address below. After you get the check back with our endorsement, all the parties listed on the check will need to sign it before you can access the funds.
Navy Army Community Credit Union
Attention: Loss Draft Department
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Claim Check between $20,000-$40,000
The claim will need to be monitored. After you receive your claim check from your insurance company, endorse the check and bring it into a NavyArmy branch or mail it to us using the address above. The check will need to accompany the Insurance Adjustment Worksheet (Estimate) and a Contractor Agreement/Bid. All three items will need to be received for NavyArmy to process the claim. The insurance check will be deposited into a restricted escrow account. An initial disbursement of 90% of the total claim check payable to you and your contractor(s) will be mailed along with instructions on next steps once the repairs are complete. Final inspection and a lien waiver will be required to release all funds. Please contact the Home Loan Service Specialist once all repairs are complete to schedule the final inspection. An example of the lien waiver will accompany the check.
Claim Check between greater than $40,000
The claim will need to be monitored. After you receive your claim check from your insurance company, endorse the check and bring it into a NavyArmy branch or mail it to us using the address above. The check will need to accompany the Insurance Adjustment Worksheet (Estimate) and a Contractor Agreement/Bid. All three items will need to be received for NavyArmy to process the claim. The insurance check will be deposited into a restricted escrow account. An initial disbursement of $40,000 or 10% of the unpaid principal balance made payable to you and your contractor(s) will be mailed along with instructions on next steps. Supplemental disbursements, based upon the progression of repairs determined from periodic inspections, will be issued. Final inspection and a lien waiver will be required to release all funds. Please contact the Home Loan Service Specialist to schedule the periodic inspections. Once repairs are complete, contact the Home Loan Service Specialist to schedule the final inspection.

Loss Draft FAQs

Why can't NavyArmy endorse and release the claim draft check if it is greater than $20,000?
Damage to the home in excess of $20,000 is significant damage. We must take steps to ensure all repairs have been completed and the property has been restored to its original condition or value.
What is a lien waiver?
A document provided by a contractor/subcontractor stating they have received payment and waive any future lien rights to your property. Lien Waiver Sample

What do I need to begin the Loss Claim Process?
Property Claim Checklist

Total Claim under $20,000

Total Claim Over $20,000

Endorsed Check Endorsed Check
Insurance Adjuster Worksheet
Contractor or Bid (Contractor Agreement)
Why is the check made payable to me and NavyArmy?
We both have a vested interest in your property and want to ensure all repairs have been completed and the property has been restored to its original value.
Who do I contact if I have additional questions?
Please contact our Loss Draft Department at 1-877-592-0192. We cannot begin the claims process until we receive the endorsed check and ALL required paperwork.
What happens if the Loss Claim check is greater than payoff amount?
You have your option to pay off the loan. If choose not to pay off the loan, all proceeds will be endorsed and deposited into a restricted escrow account. We will release all funds above the payoff amount in addition to the normal claim process listed above.
Do I have use a contactor to complete the repairs?
We both have a vested interest in your property and want to ensure all repairs have been completed and the property has been restored to its original value. All structural repairs are to be completed by a contactor. If you’re completing cosmetic repairs without a contractor please submit paid receipts from the material supplier along with a description of the repairs you completed prior to scheduling the inspection
Do you need payment help?
Disasters don’t only hit homes. A disaster can affect your financial situation as well as your home by damaging your workplace or causing a drop in your income. If you experience any financial hardship due to a disaster or property damage, we may be able to help with flexible mortgage payment options. For general home loan questions, please contact a home loan service expert at 866-840-4152.

Again, we value your business. If you need assistance, please contact our Loss Draft Department at 1-877-592-0192 for assistance with your property claim process.

↑ Back to Top