Simmonds on Bank Insurance - Bank Insurance Resource Center
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.
FAQ - Questions and Answers About Our Bank Insurance Reviews
Bimonthly Bank Insurance Newsletter - February, April, June, August, October, December
Volume 3-1 - The Most Common D&O Question, Umbrella Liability
Volume 3-2 - Financial Institutions Bond Basics, Marketplace Predictions
Volume 3-3 - At the Printers - To be sent in June!
Email us and ask to be added to our mailing list - free to bankers - Scott@ScottSimmonds.com
Case Study - Bank Insurance Assurance Review - Ongoing, Updated Regularly - Latest Entry May 19, 2009
Do-It-Yourself Insurance Consulting - The Bank Insurance Toolbox - Does your bank have the right insurance protection? Are you sure? Really sure? This banker's toolbox has everything you need to review your coverage to be sure.
Contact 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.
How to Fine Tune Your Bank's Insurance Program - Article reprint from Maine Community Banker Magazine.
Simmonds on Bank Insurance - The Blook - All the information from our bank insurance book available online.
Some Mistakes Recently Found In Bank Insurance Programs:
- 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
Simmonds on Bank Insurance - The Book - The book written for bankers who manage insurance for their bank.
Bank Insurance Terms - Definitions of the common insurance terms used in bank insurance.
Insurance Due Diligence for Community Banks - White paper covering the issues and concerns of managing a bank insurance program.
To Receive Our Due Diligence Info Kit - Email Us
19 Reasons Your Bank Should Hire An Insurance Consultant - Why your bank should hire an insurance consultant.
Builders Risk Insurance for Banks - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Directors' and Officers' Insurance - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Employment Practices Liability Insurance - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Financial Institution Bond - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Mortgage Impairment - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Forced Placed / Foreclosed Property Insurance - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - Lender's Single Interest Insurance - A coverage overview - from Simmonds on Bank Insurance.
Coverage Overview - The Unique Issues of Claims-Made Insurance - A coverage overview - from Simmonds on Bank Insurance.
"Your work for us is as important as any insurance policy we buy."
Bill Swales, Bangor Savings Bank
Typical Bank Consulting Projects & 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. |
Member of the Maine Bankers Association, the Maine Association of Community Banks,
and the Massachusetts Bankers Association
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TESTIMONIALS
"Northeast Bank has made it a regular practice to review the status of our various insurance policies and we are very pleased with Scott's ability to deliver real value in the form of personalized service and quality information. Scott does an excellent job of explaining the various issues and identifying opportunities that result in the right level of coverage for our institution."
Jim Delamater
President and CEO, Northeast Bank
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