NonOwned Auto Liability Insurance

It isn't just the cars you own that expose your bank to auto liability. Every time an employee goes to a meeting or visits with a customer, you are exposed to a loss. A loan officer or branch manager going to a chamber of commerce meeting hits a school bus. I can guarantee the bank is getting sucked into a lawsuit. It's one of the reasons I like … [Read more...]

Damage to Personal Vehicles on Bank Business

I get more web-traffic on this topic as any other thing I have posted in the last 20 years.  Several clients have asked about it recently. Jane has been an employee of your bank for many years. She is a good and faithful employee. On her way back from a meeting, a truck kicks up a stone that breaks Jane's windshield. Jane is now in your office … [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...]

Bank Director in Car Accident on the Way to a Bank Meeting

Email from a client to her agent: Hey (Agent), Can you please call me? One of our directors was in an accident on his way to a Board meeting. Unfortunately the person that was driving the other vehicle is now suing our director. Our director’s attorney is asking for information on the bank’s insurance coverage for him. Never had this happen … [Read more...]

Employee Volunteer Work Causes Coverage Question

A question from a bank client about employees volunteering. I hope you are well.  I have an interesting question for you. If an employee is off under our volunteer paid time off policy and happens to get injured, what is the Bank’s liability (if any) and what insurance would potentially pay out? This did not happen, we are just curious as to how … [Read more...]

How To Report A Loss Or and Insurance Claims

Insurance is purchased in case there are claims. Sometimes the first step in the claims process gets off on the wrong foot. Don't let that happen. Property Claims - Events should be reported promptly once you know you have suffered a significant property loss. I suggest not reporting small losses - losses you can pay for yourself without too … [Read more...]

Business Use Of Employee’s Autos – An Insurance Perspective

Introduction I get asked certain insurance questions regularly. One such question involves employee use of personal vehicles on company time. It's a confusing topic filled with many opportunities for misunderstanding. Most personal vehicles are insured using a "personal auto policy." Most businesses that own vehicles utilize a "business auto … [Read more...]