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...]

SR 19-12 Federal Reserve and D&O Insurance

As an insurance consultant to over five hundred banks around the US, I have fielded a fair number of questions and requests regarding the release of SR 19-12 in July. In this article, I will attempt to provide some clarity on my position and how your bank can understand the protections offered by your directors' and officers' insurance … [Read more...]

Dishonest Acts and Employee Dishonesty Coverage

Some version of this question comes up with some regularity. "We just learned of something an employee did in the past. Does this affect our bank's insurance coverage?" I ask the caller what the employee did. The replies I have heard recently are: -Cheated on income taxes. -Got caught shoplifting. -Forged a signature with intent to … [Read more...]

Banking for Marijuana / Cannabis Related Businesses

I'm spending some time thinking about the insurance issues raised by banks working with customers in marijuana-related businesses. I have polled several insurers and have been talking with my clients about the issues. I have also been studying insurance policy exclusions and restrictions, looking for trouble. I have found some. If your bank … [Read more...]