FDIC – Lessons From Hurricane Katrina – Catastrophe Planning

Hunting for something else I tripped over this from the FDIC on disaster planning for bankers. Lessons Learned From Hurricane Katrina: Preparing Your Institution for a Catastrophic Event … [Read more...]

Your Website Must Be ADA Compliant

  There are law firms trolling bank and credit union websites. If they find that the site does not meet Americans With Disability Act (ADA) standards for the visually impaired, they send you a letter demanding you fix your site and pay them not to sue you. I got three calls on this last week from clients. All claimed they had not … [Read more...]

Go Ahead, Use the F-Word

The word is Fiduciary. There is a great deal of talk lately about fiduciaries.  Financial advisors are being asked to perform to a higher standard, that of a fiduciary. Meaning they are to act in their clients best interests, not their own. That is a standard I have held since I first started as an insurance consultant in 2000.  When … [Read more...]

Dear Insurance Companies

Dear Mortgage Impairment Policy Insurers and Agents, This is not a quote that is useful. You need to tell your clients what the coverage is line by line.  How arrogant is it to make someone fumble through policy forms to figure out what you mean by coverage B(5)!                 … [Read more...]

Stop Tracking Your Customer’s Insurance!!!

For years I have been telling my bank and credit union clients to stop tracking their customer's insurance.  Really, stop! When you write a mortgage, you require that the customer buy property insurance (and maybe flood insurance). Then for the life of the loan, you track their insurance. Maybe you file renewals. Maybe you only respond to … [Read more...]

Is there an Impairment in your Mortgage Impairment Policy?

Questions are flooding in on this one... You have mortgages. Your mortgage customers are supposed to buy insurance on their property. What if they don't? If you know your customer has no insurance, you "Force Place" the insurance. What if you don’t know? Mortgage impairment insurance protects your bank from the-peril-of-no-insurance. … [Read more...]

Cardboard Insurance Agents

Cardboard. It's utilitarian and boring. We need cardboard but can't get too excited about it - unless it fails us and our stuff spills out all over the ground. Too many insurance agents are like cardboard. I work with banks and credit unions all over the US. I bet if you go to any insurance agent in the country and ask if they would like to … [Read more...]

Bank Workers’ Compensation Code Change

Most states have moved to the new workers' compensation classification for banks. Unfortunately, not all insurance companies seem to be using the code.  Pull out your workers' compensation policy.  It should show all your payroll in a single code.  For most states that will be "Code 8855 Banks, All employees." If your workers' compensation … [Read more...]

Account-Take-Over Risk Management Strategies for Your Bank’s Customers

Your small business customers may not have the right insurance coverage and not know it. A few years ago I put together a quick video that can help. Your customers need employee dishonesty insurance, cyber crime insurance, and perhaps, cyber liability insurance.  If they don’t have the right insurance they might come to your bank looking to … [Read more...]

Customer Nailed or De-Nailed. What to Do?

From a client: Hey Scott, We have a customer who got her finger caught in the night drop and pretty much ripped off her fingernail.  She has been given advice from family that she should come and let the bank know about it.  What is your advice on whether this is something we should try to appease the customer and offer to pay for the medical … [Read more...]