Bankers Professional Liability Notary Exclusion

There are exclusions in all insurance policies. Some are there to prevent/dissuade stupidity. The “Notary Exclusion” is one such. Almost all bankers professional liability policies have an exclusion for notary services: "based upon, arising from, or in consequence of the notarization of any signature without the physical appearance at the … [Read more...]

Debit Card Insurance Coverage Tips

Almost all Fraud-Bonds exclude a loss where the loss involves the use of a debit card. Coverage can be added back for an additional premium. Some insurers offer a separate, stand-alone policy. Debit card coverage provides for losses resulting directly from the fraudulent use of a debit card to obtain cash or pay for products or services by … [Read more...]

One Word Change Can Be The Difference In Covered/NotCovered

Why does a bank need my help with insurance? From one insurer's employee dishonesty coverage...   I request the insurer change one word in the policy... One word. “And” is changed to “Or.” In the coverage as issued for most banks, the bank must suffer a loss AND there must be an improper benefit. Bank manager moves … [Read more...]

Pregnancy Discrimination Act

The Pregnancy Discrimination Act was signed into law forty years ago. Legally and ethically your employees are due reasonable accommodations that allow them to work through the term of their pregnancy.  The Act also has been interpreted to include providing space and time for new mothers to pump breast milk at work. Here is some info on the Act … [Read more...]

Fracas Over Insurance on $2.4m Bank Breach – My Take

In the last several weeks I heard from many of you about a Virginia bank breach and the response from their insurer, ABA/Everest. The concerns are real. Let's see if we can add some light to the heat. Here is the original post. I have done some research. I have looked at policy forms by ABA/Everest and other insurers. I have talked with a few … [Read more...]

Foundation Requires Separate Insured Listing

My title refers to a charitable foundation set up by your bank to manage charitable gifts. If you have a separate entity (perhaps a non-profit) you will need to list the entity separately on your insurance policies, including your D&O. Even if your policy includes language that automatically picks up coverage for subsidiaries, you should … [Read more...]

Not A Big Deal, Until It Is… Valuable Papers

After a fire standard property insurance will pay for the value of the paper in your file cabinets...  So, for every file cabinet you have your insurer will buy you two boxes of copy paper. Cool! Until you realize you need the information that was on those pieces of paper. That is what is called Valuable Papers. Valuable papers insurance … [Read more...]

Banks Need To Review Websites for ADA Compliance

This will be my third post on this topic... Here is the last one from December of 2016 which references my post of January 2016. Well, boys and girls, it is still happening.  A law firm hires a disability advocate to visit your website. They find it to be non-compliant with the Americans with Disabilities Act.  You get a letter threatening … [Read more...]

Your Insurance Agent Is a VIP (Vital Insurance Partner)

My friend Howard Candage taught me that the most important part of the insurance transaction is the relationship an insurance buyer has with his or her insurance agent. Having the right agent is critical to a successful insurance program. There has to be trust and respect between the two parties. Your relationship with your agent has to be as … [Read more...]

Chubb Insurance Pulls Back From Insuring Banks

I have heard now from two sources that Chubb Insurance is pulling back from providing community banks with management liability, directors and officers, financial institution bond, and related insurance coverages. The reports are that the insurer is not canceling policies but pricing renewals so to be uncompetitive. Also, no new banks are being … [Read more...]