Define Unbiased

From Merriam - Webster: un·bi·ased /ˌənˈbīəst/ adjective - showing no prejudice for or against something; impartial. "his assessment of the benefits and drawbacks was unbiased" synonyms: impartial, unprejudiced, nonpartisan, neutral, objective, outside, disinterested, without fear or favor, dispassionate, detached, unswayed, even-handed, … [Read more...]

Stop Tracking Customer Insurance – At Least HELOCs and 2nds

Is your bank still tracking customer insurance coverage on your mortgages? Consider buying an insurance policy that protects your bank while eliminating the need to track coverage.  So-called, Blanket Insurance, is available for all your mortgages.  You transfer the risk of "no-insurance" to the insurance company. The best place to start is … [Read more...]

How Much Insurance Should Your Bank Buy

The eleventh edition of my recommended minimum limits of insurance for banks is available now for download. Several changes in approach this time. New limits for bankers to consider as well as a different approach to publicly traded banks. Go to for your copy. Directors and Officers Insurance Lender Liability … [Read more...]

Debit Card / ATM Cashout Losses and Attacks

Here are some new questions being asked by insurance company underwriters when I ask for higher debit card limits.  Not bad questions for every bank to ask themselves. These questions are mainly driven by recent FBI guidance regarding ATM Cashout schemes. For more info about ATM Cashouts: … [Read more...]

Bank Owned Insurance Agency

It is often best-practice for a bank that owns an insurance agency to buy an insurance agent's errors and omissions insurance policy that is separate from the bank's professional liability insurance. Sure, your bank management liability can almost always be expanded to include coverage. However, I like to separate out the coverage to segregate … [Read more...]

Bond – Funds Transfer Coverage

What procedures are required by your financial institution bond for fund transfer callbacks? Some policies require you to perform a callback. Some require that you make an audio recording of the callback. Failure to meet the required standards could result in a claim being turned down. … [Read more...]

Earthquake Damage Usually Not Covered

Most property insurance policies exclude damage to buildings and personal property by the peril of earthquake or volcanic eruption. Some policies add limited coverage back.  Even then coverage probably is restricted. For example, most contain the following exclusion, "We will not pay for loss of or damage to exterior masonry veneer (except … [Read more...]

Client Question – The People You Hire…

From a Client: One question: When hiring applicants – what is the insurance view on hiring individuals that have had some credit issues in the past, i.e. delinquency, foreclosure, and charge-offs, if they are in a non-cash handling position?   My Reply: If your regulators are OK with them the insurers are OK. The only issue … [Read more...]

Charitable Foundations and Your Insurance Policies

Your organization may have set up a charitable foundation. That entity should be listed on all your insurance policies. By design, a foundation is not a subsidiary by the standard definition used by most insurance policies. While you may have common board members, your board is not the board of the foundation. Your bank does not "control" the … [Read more...]

ABA to Distribute $2m to Insured Banks

ABA Insurance Services announced this week that $2,000,000 in dividends will be distributed to insured banks. (Press release can be read here.)   … [Read more...]