The Guide To Insurance Coverage For Banks And Bankers

The four parts of bank insurance:

Part 1-Financial Institution Fraud-Bond

Fraud and deceit insurance. Covers dishonest acts of employees and outsiders by embezzlement, funds-transfer fraud, robbery, and computer hackers. More Info…

Part 2-Management Liability Insurance

Management malpractice insurance. Coverage sections include: directors’ and officers’, employment practices liability, cyber liability, and bankers’ professional liability. More Info…

Part 3-Standard Lines

Standard business insurance. Includes: property, general liability, automobile, workers’ compensation, umbrella liability. The insurance coverage common to almost all commercial enterprises. More Info…

Part 4-Lender Asset Protection

Covers loan-administration mistakes. Policies include: foreclosed/forced placed property insurance, forced placed flood insurance, lenders single interest, mortgage impairment. Protects the bank’s interest in the collateral used to secure loans. More Info…

Insurance Miscellaneous

Info on managing your insurance program.