Bank Insurance Expertise - For Bankers Who Buy Insurance for Their Banks
Bank insurance protection is a specialty area of insurance. We have an in-depth knowledge and understanding of the coverages, insurance markets, risk management issues, and intricacies involved in helping community banks get the best coverage at the best price.
Consulting On, But Never Selling, Insurance
Typical Client Results
| Due Diligence Coverage Analysis
A comprehensive review of your bank's exposures and your current insurance program. What are the coverage gaps and overlaps? Are you working with the right insurance company? |
Results Include: Lower insurance costs. Greater understanding of what insurance covers and what it does not cover. An independent, unbiased evaluation of your insurance. Elimination of policy gaps and overlaps. |
| Bid Management / Renewal Assistance Use competition to get the best price and coverage for your bank. Assistance in the selection of qualified insurers and the analysis of the proposals offered. |
Results Include: Your bank obtains the best coverage and price the marketplace has to offer. Unbiased assistance in the review and selection of the right insurance program. |
| Insurance Management Services How do you manage the entirety of your insurance program? What issues should be considered at renewal? Is the time right for your agent to provide alternative quotations? What loss control services should your insurer provide? What claims management issues need to be addressed? |
Results Include: Reduction in the administrative burden insurance places on your bank. Streamlined insurance management. On-call expert assistance with any insurance matter - coverage, premium, or claims. |
| Claims Assistance Is the insurance company handling your claim properly? Is the offered settlement fair based on the coverage you purchased? Is a claim denial appropriate? What coverage should have been in place? |
Results Include: Equitable loss settlements from your insurance company. Unbiased interpretation of how your coverage applies to the events that occurred. Assistance navigating the process. Faster resolution of claims. |
Simmonds On Bank Insurance - The Newsletter
Contact Us - Email or call us for a conversation about your specific bank insurance concerns. We are glad to help you find the best way to make sure your bank has the right insurance protection.
Problems Recently Found By Our Bank Insurance Reviews:
- A bank with 10 branches and no extra expense coverage on any of them
- Property insurance policies with coinsurance penalties that kick in after a loss
- Incorrect listing of insured entities on the liability, auto and umbrella policies
- No debit card fraud coverage on the financial institutions bond
- No safe depository insurance on the bank's 6 locations with safe deposit boxes
- Low directors and officers limits of liability combined with inadequate aggregate limits of coverage
- A bank with several missing locations from package policy
- A bank insurance plan with inadequate e-banking protection but exceptionally low property deductibles
- Poorly written employment practices coverage that did not cover workplace harassment
- No coverage on repossessed vehicles on the auto insurance program
- No coverage on a bank parking garage where over 50 cars were parked all day
- Inadequate umbrella liability limits of coverage plus no coverage for foreclosed properties
Client Raves:
"Your work for us is as important as any insurance policy we buy."
Bill Swales
Bangor Savings Bank
"We give Scott an A+++. He made sense of all the issues and his insight was invaluable."
Sherri Evans, VP Finance, CFO
TruChoice Federal Credit Union
Member of the Maine Association of Community Banks
and the Massachusetts Bankers Association
