2021 Recommended Bank Insurance Limits Available

My updated summary of recommended minimum limits of insurance is available now at www.HowMuchBankInsurance.com. 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...]

Kidnap and Ransom for Bankers

When I look at bank insurance programs I almost always find Kidnap, Ransom, and Extortion Insurance coverage in the fraud-bond (AKA the financial institution bond). That is a good thing. However, I have a concern with what I call extra-bank exposures. Events impacting bank employees but not directly involving banking. Examples: A bank … [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...]

Nobody Ever Got Fired For Buying Too Much Insurance

I'm finally finished with my July renewals.  I am beaten and bloody but we, in general, came out on top.  Ugg! I had several instances where bankers were buying more insurance than I thought necessary based on the size, structure, and financial strength of the bank. I almost always get pushback on a recommendation to reduce coverage (or to drop … [Read more...]

Workers’ Compensation – One Code Does It ALL For Banks

Several times in the past month I have looked at bank workers' compensation policies and found the bank employee classification (8855 in most states) and another code for building maintenance. No. Said another way, Nooooooooo! If your workers' compensation policy shows more than the bank code (again, code 8855 in most states), ask your … [Read more...]

The Pandemic & Insurance – My Thoughts As of Now

We are all trying to figure this thing out. First, we are going to get through this. We always do. The virus has hit my family hard. I'm not convinced, as a nation, we are halfway through this. Thousands and thousands more will be sick and die. Still, I know that sometime in the next six to twelve months, we will see the end. Two years from … [Read more...]

ABA Announces $2.5 Million Insurance Distribution to Qualified Members

From the ABA Banking Journal... American Bankers Mutual Insurance Ltd.—the reinsurer for the American Bankers Association’s endorsed insurance program—will distribute $2.5 million to be shared by qualified member banks insured through ABA Insurance Services, the association announced today. Read the Full Press Release. … [Read more...]

Bank Insurance Market Update

In July I posted about changes taking place in renewal insurance premiums. That was not specific to banks and it centered around property and auto insurance. With a few more months behind us, I can say that premiums are definitely going up for bank management liability and fraud-bond insurance. Until August I was seeing insurers increase … [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...]