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
Bank Insurance Services and Results
Due Diligence Coverage Review & 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?
Your Results: You get lower insurance costs and a greater understanding of what your insurance covers and what it doesn't cover. An independent, unbiased evaluation of your insurance will eliminate costly policy gaps and overlaps.
Bid Management / Renewal Assistance»
Use competition to get the best price and coverage for your bank. We provide assistance in the selection of qualified insurers and the analysis of the proposals offered.
Your Results: 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 makes your work easier and more effective.
Insurance Management Services»
How do you manage the entirety of your insurance program? What issues should be considered at renewal? Is this the right time for your agent to provide alternative quotes? What loss control services should your insurer provide? What claims management issues need to be addressed?
Your Results: You realize a reduction in the administrative burden insurance places on your bank. You get 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?
Your Results: You're assured an equitable loss settlement from your insurance company. Our unbiased interpretation of how your coverage applies to the events that occurred gives you ammunition in your efforts to become whole. You get assistance navigating the process and a faster resolution of your claim.
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
