Do all borrowers on a secured loan need to be listed as policyholders on the insurance policy?

The borrowers do not need to be the individuals who own or pay for the insurance policy. The key requirements are that the collateral is covered by comprehensive and collision insurance (with a deductible of $1,000 or less) and that Veridian Credit Union is listed on the policy as lienholder/ loss payee.

The insurance policy may be held by a business, as long as the coverage requirements are met.