Watch My Cyber Insurance For Bankers Webinar

You can view the recording of my May 12th webinar on Bank Cyber Insurance by going HERE. I cover cyber liability, funds transfer fraud, debit card losses, computer equipment coverage, and other related cyber insurance issues. … [Read more...]

FDIC – Lessons From Hurricane Katrina – Catastrophe Planning

Hunting for something else I tripped over this from the FDIC on disaster planning for bankers. Lessons Learned From Hurricane Katrina: Preparing Your Institution for a Catastrophic Event … [Read more...]

Your Website Must Be ADA Compliant

  There are law firms trolling bank and credit union websites. If they find that the site does not meet Americans With Disability Act (ADA) standards for the visually impaired, they send you a letter demanding you fix your site and pay them not to sue you. I got three calls on this last week from clients. All claimed they had not … [Read more...]

Stop Tracking Your Customer’s Insurance!!!

For years I have been telling my bank and credit union clients to stop tracking their customer's insurance.  Really, stop! When you write a mortgage, you require that the customer buy property insurance (and maybe flood insurance). Then for the life of the loan, you track their insurance. Maybe you file renewals. Maybe you only respond to … [Read more...]

Is there an Impairment in your Mortgage Impairment Policy?

Questions are flooding in on this one... You have mortgages. Your mortgage customers are supposed to buy insurance on their property. What if they don't? If you know your customer has no insurance, you "Force Place" the insurance. What if you don’t know? Mortgage impairment insurance protects your bank from the-peril-of-no-insurance. … [Read more...]

Cardboard Insurance Agents

Cardboard. It's utilitarian and boring. We need cardboard but can't get too excited about it - unless it fails us and our stuff spills out all over the ground. Too many insurance agents are like cardboard. I work with banks and credit unions all over the US. I bet if you go to any insurance agent in the country and ask if they would like to … [Read more...]

Bank Workers’ Compensation Code Change

Most states have moved to the new workers' compensation classification for banks. Unfortunately, not all insurance companies seem to be using the code.  Pull out your workers' compensation policy.  It should show all your payroll in a single code.  For most states, that will be "Code 8855 Banks, All employees." If your workers' compensation … [Read more...]

Customer Nailed or De-Nailed. What to Do?

A customer is injured on your property. What action do you take?   From a client: Hey Scott, We have a customer who got her finger caught in the night drop and pretty much ripped off her fingernail.  She has been given advice from family that she should come and let the bank know about it.  What is your advice on whether this is … [Read more...]

Supervisory Insights From FDIC for Banks

The FDIC issued a special edition of "Supervisory Insights" recently providing guidance on community banks guidance on governance. Preventing D&O claims means your board and leadership are attuned to regulation and regulator's stance on running your bank. This is required reading for anyone looking to meet their fiduciary obligations as … [Read more...]

CEOs Signing Insurance Applications

A bank client is in the final stages of changing insurance companies. The insurer wants a signed application. The CEO looks over the app. He is busy and trusts his CFO. He signs the document and moves on. Six months later a claim comes up. The insurer turns the claim down because there is a pertinent question on the application that was answered … [Read more...]