Common Bank Insurance Mistakes – Missing Entities

In about half the insurance reviews I do for banks, I find entities missing from the coverages.

Some insurance policies require that entities be listed on the policy for coverage to apply. Some banks have real estate operations or mortgage operations that are separated legal entities. Many community banks manage charitable foundations. These all should be listed as insureds.

Give your insurance agent a list of the entities involved in your bank. Ask if they are all covered by the appropriate policies.