To provide cash payments to New Jersey policyholders in the event of a catastrophe
Bancorp Bank has teamed up with Insurcard and have joined with the New Jersey Insurance Underwriting Association (NJIUA) to provide cash payments to New Jersey policyholders in the event of a catastrophe.
The Insurcard card can be used when emergency payments are required, eliminating check issuance. It can be used to make purchases wherever Visa debit cards are accepted and cardholders have access to cash through ATMs. The policyholders can also obtain account balance and transaction information.
NJIUA and/or field adjusters will have access to an inventory of preprinted cards. After the catastrophe, adjusters will contact policyholders who have experienced losses and make an initial claim evaluation. Based on this evaluation, the cards will be distributed and activated by NJIUA either by phone or via an internet connection with an amount to be paid for immediate needs.
Once activated, the Insurcard provides the policyholder with the funds to meet critical needs such as food, shelter, and emergency repairs. As the recovery process continues, the card can be reloaded to pay for permanent repairs and additional living expenses.