Multi-Factor Authentication Hardline By Insurers

At your bank's next renewal you will be asked if you require multi-factor authentication when your people are accessing the bank's computer system. If you say no you might not be offered a renewal. Travelers started taking this stance a few months ago.  Other insurers are now following along. Some insurers will offer you a grace period.  Some … [Read more...]

Cyber Risk – Ransomware – Cyber Extortion

Almost every call I get from my bank clients involves cyber insurance. We talk about how the bond responds, how cyber liability insurance responds and how property insurance responds. We talk about the move of coverage for ransomware attacks from the bond to cyber liability. We talk about trends in the coverage and what I see happening in the … [Read more...]

Workers Compensation Dividends

I just heard that the Maine workers' compensation insure MEMIC is no longer paying dividends to former policyholders.  So, if you leave MEMIC you lose your dividend payment for the years you were a MEMIC insured. To those not with MEMIC in every other state, be sure you know what you are giving up if you change workers' compensation … [Read more...]

Notarizing Without Being Face-2-Face

I got this notice from the State of Maine recently... In short, emergency measures in Maine allow notaries to notarize without in-person proof of identity.  That is all well and good. However, if you do that and there is a lawsuit because the person was not who they say they are do not expect your banker's professional liability insurance to … [Read more...]

Indemnification & Hold Harmless Agreements

I like hold-harmless agreements. Basically, they say I will not sue you and you will not sue me. I don't like indemnification agreements. Basically, they say if you get sued I'm supposed to defend you and pay any award against you. In the absence of an indemnification agreement, you pay your liabilities and I pay mine. You buy insurance (or … [Read more...]

Why Can’t I Hire You By The Hour?

I do not work on an hourly basis. I see such as unethical. A flat, value-based fee is the only way I get paid. A business hires a consultant because they have a problem or concern. The faster the problem is solved, the better. Getting paid by the hour incentivizes S----L----O----W work. Hourly-based fees put the consultant's interest at odds … [Read more...]

Unbiased Means My Loyalties Are To You, Only

To my knowledge, I am the only insurance consultant who is, by my definition, unbiased. I don’t accept fees or commissions from insurance agents. I don’t accept fees or commissions from insurance companies. I don't accept gifts, meals, ballgame tickets or anything from insurers or agents. I don’t let insurers buy me meals. I don’t … [Read more...]

Howard Candage, the Teacher and All Around Good Guy

The insurance industry lost a big-brain last week, Howard Candage. I met Howard in the '80s when we both worked for the same agency, W. C. Ladd and Sons in Rockland, Maine.  I spent many great hours traveling with Howard to accounts around the state. He taught me as much about insurance as anyone in my career. I have long said that Howard was … [Read more...]

2021 Recommended Bank Insurance Limits Available

My updated summary of recommended minimum limits of insurance is available now at Do you have enough insurance? Too much? Get my whitepaper for a starting point. … [Read more...]

Bank Insurance Crystal Ball 2021

Concise Version: The bank insurance marketplace in 2021 will continue to be dynamic. We are in a seller's market (as compared to the relative buyer's market we have been in for well over ten years). If your bond/management liability/cyber liability renews this year start the process six months before renewal. Get applications back to your … [Read more...]