Bank Insurance Mistake – Inadequate Umbrella Liability Limits

Umbrella liability insurance provides protection above and beyond the coverage included in your general liability, auto liability, and employer’s liability insurance. It’s an inexpensive way to increase your level of protection against someone suing you. Premiums can be as low as $750 per $1,000,000 of coverage. My minimum recommended limit for … [Read more...]

Remember the Pollution Exclusion

Remember the Pollution Exclusion Over the past twenty years, the insurance industry has been hammered by the courts on pollution claims. Now, most standard insurance policies have pollution exclusions so broad that the industry calls them “absolute pollution exclusions.” Liability arising out of pollution is excluded by most general liability … [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...]

Slip and Fall Claims Management For Banks

Slip, trip, and fall claims are injuries caused by an accident on the bank premises involving customers, visitors, pedestrians, guests, and vendors. Injuries to employees are a topic for another day (that’s workers' compensation). Some common slip-and-fall loss situations are: • A pedestrian walking on the sidewalk in front of the bank slips on … [Read more...]

Certificates of Insurance – To Keep & How Long To Keep

Client Question About Certificates of Insurance Hello Scott, We have a practice in place that when a contractor does work for us, we have them provide us with an insurance binder as proof of general liability insurance.  How long after policy expiration date should we keep these items? Thank you, Kim My Reply The easy answer is to … [Read more...]