Repossessed Property Coverage For Your Bank

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...]

Droning On About Drone Insurance

Today I saw my first bank with a drone insurance policy.  I have been waiting for this to happen. If your financial institution owns a drone or an employee is using their personal drone in bank business you probably need to make an adjustment to your liability insurance program. Most general liability and umbrella liability policies include … [Read more...]

Customer Slip and Fall Prevention

By far the most common general liability claim for financial institutions is the slip, trip, and fall event. A customer slips on the ice in your parking lot. A mortgage attorney falls on a wet entryway floor. A pedestrian trips on the sidewalk in front of your bank. Here are a few ideas on prevention... -Don't be stingy with the … [Read more...]

Holiday-Party Booze Insurance

A longtime client emailed asking about serving booze at their bank's Christmas party. Someone suggested the bank buy host-liquor liability insurance. Here is my reply: Good to hear from you. This is exactly why I'm on the team! Short answer: Your general liability coverage in the Travelers package insurance policy includes coverage for "host … [Read more...]

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...]