There are exclusions in all insurance policies. Some are there to prevent/dissuade stupidity. The “Notary Exclusion” is one such. Almost all bankers professional liability policies have an exclusion for notary services: "based upon, arising from, or in consequence of the notarization of any signature without the physical appearance at the … [Read more...]
Repossessed Property Coverage For Your Bank
January 3, 2022
Standard bank property and general liability insurance exclude both physical damage and liability coverage for repossessed autos, watercraft, and aircraft. You can usually add coverage to your auto policy for repossessed autos (and in some cases watercraft). The best practice is to talk with your agent if you repossess autos, watercraft, or … [Read more...]
Notarizing Without Being Face-2-Face
July 1, 2021
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...]
Bank Insurance Crystal Ball 2021
December 28, 2020
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
October 21, 2020
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
July 22, 2020
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
July 6, 2020
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
June 9, 2020
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
May 7, 2020
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
December 3, 2019
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...]
