Deposit Insurance Coverage

The Deposit Insurance Act (DIA) provides that the JDIC must pay out of the Deposit Insurance Fund in respect of an insured deposit up to the prescribed coverage limit of $600,000 to every depositor of a Policyholder in circumstances where the Policyholder fails or is unable to make payment in respect of a deposit. Therefore, the maximum deposit insurance coverage limit is $600,000 (principal and interest combined) per depositor, per institution.

For the purpose of deposit insurance coverage, the ownership categories are: