Workers’ Compensation and Employers Liability

A client asked about the difference in workers' compensation and employers' liability.   Workers' Compensation is the state-mandated health insurance, disability insurance, and life insurance coverage employers buy to cover employees in employment-related injuries and sickness.   Employers' liability is for lawsuits arising out of the … [Read more...]

What You Need To Know About Your Bank’s D&O Policy

Here is the link to the video of yesterday's session. I covered the banker's D&O policy, indemnification, the bank insurance marketplace, and took a few questions. My next Webinar is on 9/21, Bank Insurance 101.  To join that session register here. … [Read more...]

How is Your Bank’s Property Valued By Your Insurance?

Property valuation can mean several different things: real estate value (the price at which you could sell) tax assessment value replacement cost book value (purchase price minus accounting depreciation) actual cash value (replacement cost minus usage depreciation) Two forms of valuation are commonly used in property insurance. … [Read more...]

Damage to Employee Vehicles While Driving on Bank Business

What are the employees’ expectations for damage caused in accidents while driving their personal vehicles on bank business? Will you pay for damage to their vehicle, or should the employee rely upon his own insurance? Will you pay his deductible? Make your plan clear in your employee handbook to avoid misunderstandings. Send an annual reminder … [Read more...]

Learn to Read Your Bank’s Insurance Policies

The mere thought of reading an insurance policy can make your head hurt. Understanding your bank's insurance, however, requires that you review the contracts. Here are some hints to make it less painful. Understand the Purpose of the Policy – An auto policy is designed to cover vehicular accidents. General liability insurance is purchased to … [Read more...]

Remember the Pollution Exclusion

Remember the Pollution Exclusion Over the past twenty years, the insurance industry has been hammered by the courts on pollution claims. Now, most standard insurance policies have pollution exclusions so broad that the industry calls them “absolute pollution exclusions.” Liability arising out of pollution is excluded by most general liability … [Read more...]

Social Engineering Fraud Insurance

I have said it often - the bad guys are good at being bad. Time to check your bank's fraud-bond for an important new coverage, Social Engineering Fraud Insurance. Social engineering fraud is a game of deception - the bad guys convince a bank employee to transfer bank funds pretending to be a bank officer, a board member, an employee, or a … [Read more...]

Captive Insurance For Community Banks

Over the last few years, I have written about the Bank Captive program run by KeyState. The program continues to grow. TWENTY-SIX STATE BANKING ASSOCIATION ENDORSEMENTS The KeyState Bank Captive Program has now been endorsed by twenty-six State Banking Associations, the latest being Mississippi, Texas, and New York. SIXTY-SIX BANKS NOW … [Read more...]

Bank Fraud-Bond Misunderstandings… Servicing Contractors

In about half the small bank insurance programs I review I find that the fraud-bond has had coverage broadened to cover "Servicing Contractors." Most banks don’t need this coverage because they don’t use "Servicing Contractors" as defined in the bond. This from the ABA's coverage description: The Servicing Contractors Rider extends the … [Read more...]

Crime Insurance For Your Bank’s Customers

https://www.scottsimmonds.com/bankcustomer/ … [Read more...]