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...]
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...]
Bank Underwriters Underwrite for COVID-19
April 15, 2020
I'm in the final stages of a renewal of a $1b bank in the Northeast. The current limit on lender liability and bankers professional liability is low, I think. I asked the agent to get the underwriter to quote higher limits. Travelers quoted the new limit but requested a COVID-19 supplemental application before they would make the … [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...]
Bank Insurance Market Update
November 1, 2019
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
October 8, 2019
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...]
Dishonest Acts and Employee Dishonesty Coverage
August 26, 2019
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...]
Semantical Bank Insurance Silliness
May 4, 2019
For the 238,000th time, I have been asked why insurance is so unnecessarily complicated... I have no good response. In 40 years I never have. Probably will not 40 years from now. Regulators and some insurers call two different policies "Mortgage Errors and Ommissions." The first is coverage for a borrower who fails to buy insurance after you … [Read more...]
Debit Card / ATM Cashout Losses and Attacks
January 1, 2019
Here are some new questions being asked by insurance company underwriters when I ask for higher debit card limits. Not bad questions for every bank to ask themselves. These questions are mainly driven by recent FBI guidance regarding ATM Cashout schemes. For more info about ATM Cashouts: … [Read more...]
Fracas Over Insurance on $2.4m Bank Breach – My Take
August 7, 2018
In the last several weeks I heard from many of you about a Virginia bank breach and the response from their insurer, ABA/Everest. The concerns are real. Let's see if we can add some light to the heat. Here is the original post. I have done some research. I have looked at policy forms by ABA/Everest and other insurers. I have talked with a few … [Read more...]
