Holiday-Party Booze Insurance

A longtime client emailed asking about serving booze at their bank's Christmas party. Someone suggested the bank buy host-liquor liability insurance. Here is my reply: Good to hear from you. This is exactly why I'm on the team! Short answer: Your general liability coverage in the Travelers package insurance policy includes coverage for "host … [Read more...]

Supreme Court Won’t Hear Domino’s Pizza Accessibility Case

I have written here several times of bank and credit union clients threatened with lawsuits over the accessibility of websites for customers with disabilities.  Yesterday the Supreme Court announced it will not hear a case with similar issues. Go Here for Info Your website must meet ADA standards for accessibility. Talk to your web designer. … [Read more...]

FinSecure pulls Back from Insuring Medium and Small Credit Unions

I have heard rumors that the insurer Berkley FinSecure is pulling back from insuring credit unions under $750m in assets. I'm told that different regions may be handling this track differently but credit unions in at least some parts of the Northeast are being non-renewed. The word I am getting is that credit unions are not being canceled. … [Read more...]

SR 19-12 Federal Reserve and D&O Insurance

As an insurance consultant to over five hundred banks around the US, I have fielded a fair number of questions and requests regarding the release of SR 19-12 in July. In this article, I will attempt to provide some clarity on my position and how your bank can understand the protections offered by your directors' and officers' insurance … [Read more...]

Dishonest Acts and Employee Dishonesty Coverage

Some version of this question comes up with some regularity. "We just learned of something an employee did in the past. Does this affect our bank's insurance coverage?" I ask the caller what the employee did. The replies I have heard recently are: -Cheated on income taxes. -Got caught shoplifting. -Forged a signature with intent to … [Read more...]

Banking for Marijuana / Cannabis Related Businesses

I'm spending some time thinking about the insurance issues raised by banks working with customers in marijuana-related businesses. I have polled several insurers and have been talking with my clients about the issues. I have also been studying insurance policy exclusions and restrictions, looking for trouble. I have found some. If your bank … [Read more...]

Insurance Prices Rising

The July renewal season is effectively over and premiums are going up. So far, most of the increases seem to be in property insurance.  The cost of insuring buildings and contents are increasing between five and two-hundred percent. Yes, two-hundred percent! I am getting reports that the insurance on commercial properties in areas … [Read more...]

Personhood and Insurance

Many states currently have on the books or are considering laws that give legal "person" status to a fetus/unborn baby.  I make no judgment here on the ethics or morality of one position over another. I raise the issue of insurance... A pregnant employee is in a work-related car accident and the baby dies. Is the baby covered by workers … [Read more...]

Excluded Property – Mail

Your bank's fraud-bond and property insurance probably exclude coverage for property mailed or shipped. Consider separate coverage for property, securities, and other property of value you mail or ship. … [Read more...]

Fiduciary Liability Coverage Misunderstandings

In your bank's management liability insurance program is (should be) coverage for errors made in the administration of YOUR employee benefit plan as described in the federal law, ERISA.  This coverage section is almost always called "Fiduciary Liability." The word "fiduciary" refers to your liability under ERISA, as an employer. This is not … [Read more...]