Bid Summary Matrix

Here is a list of issues to consider when reviewing your current insurance or comparing proposals from several insurers. I like to use a matrix with the issues below in the first column. Use the subsequent columns for the other insurers.

 

Go to www.ScottSimmonds.com/bankbook for a free copy of this list in Microsoft Word format to make your job easier.

 

  Insurer A Insurer B Insurer C
Property Insurance      
Is Coverage Blanket or Specific?
Blanket Building & Personal Property Limit
Agreed Amount?
Coinsurance?
Special Perils?
Property Valuation
Flood Coverage
Flood Limitations
Flood Deductible
Earthquake Coverage
Earthquake Deductible
Property Deductible
Windstorm Deductible
Debris Removal
Building Ordinance
Improvements and Betterments
Personal Property of Others
Personal Property Off-Premises
Off-Premises Services
Boiler & Machinery
Accounts Receivable
Computer Equipment
Business Interruption
Business Income
Extra Expense
Coinsurance
Blanket All Locations?
Agreed Amount
Maximum Period of Indemnity
Peril of Service Interruption
Loss of Rental Income
Casualty
Occurrence CGL Form
Occurrence Limit
Aggregate Limit
Fire Legal Limit
Per Location Aggregate
Premium Basis
Auto Limit of Liability
Non-Owned Auto Coverage?
Drive Other Car Coverage
Employees as Insured on Auto Policy
Common Insurer for GL/Auto
Owned Watercraft or Aircraft
Pollution/Environmental Liability
Workers’ Compensation States
Employers’ Liability Limits
Umbrella Limits
Financial Institutions Fraud-Bond
Fidelity
On Premises
In Transit
Forgery and Alteration
Securities Forgery
Check Kiting
Claims Expense
Audit Expense Rider
Computer Systems Coverage – Fraud
Counterfeit Check
Counterfeit Currency
Destruction by Hacker
Destruction by Virus
Extortion
Fraudulent Mortgage
Injury/Death Indemnity
Lost Instrument Bond
Trading Loss
Transit Cash Letter
Unattended ATM
Unauthorized Signature
Fax Wire Fraud
Telephone Wire Fraud
Management Liability
Directors’ and Officers’
Policy Limit
Entity Coverage Included in Policy Limit
Brokerage/Advisory Services
Employment Practices Liability
Trust E&O
Insurance Agent E&O
Coverage Trigger
Lender Liability Limit
IRA/Keogh
Fiduciary
Discovery Premium
Employment Practices
EPL Definitions
Are Above Limits Separate Limits or Do They Deplete The Aggregate?
Premiums
Property
Inland Marine
Machinery Breakdown
Liability
Crime
Auto
Workers’ Comp
Umbrella
Financial Institution Bond
Safe Depository
Directors’ and Officers’
Employment Practices
Fiduciary
Internet Liability
Mortgage Impairment
STAMP Bond
Forced-Placed Property
Lenders Single Interest
Service Fees?
Agency Service Expectations
Frequency of Account Review
Claims Department
Producer Involvement in Account?
Extent of Loss Control Services
Phone/Email Return Policy?
Insurer Issues of Concern