Chubb Insurance Pulls Back From Insuring Banks

I have heard now from two sources that Chubb Insurance is pulling back from providing community banks with management liability, directors and officers, financial institution bond, and related insurance coverages. The reports are that the insurer is not canceling policies but pricing renewals so to be uncompetitive. Also, no new banks are being … [Read more...]

Playing Well With Others – My Relationship With Insurance Agents

Bankers are sometimes concerned with how their insurance agent will feel about my involvement in an insurance review. - Will our agent be offended that we brought you in? - Will you damage our relationship with our insurance agent? Well over 80% of the community banks I work with have a close relationship with their insurance agent. I am … [Read more...]

ABA Insurance Services – Property, Liability, Auto, Workers’ Compensation, Umbrella Insurance For Banks

A bank's agent just sent me a quote for Property, Liability, Auto, Workers' Compensation, Umbrella, REO Property... I am very impressed.  The price is very good compared to other standard lines insurers and the coverages are great. Nice work ABA. I'll be sending more banks your way on these lines of insurance. Info Here … [Read more...]

Dear Insurance Companies

Dear Mortgage Impairment Policy Insurers and Agents, This is not a quote that is useful. You need to tell your clients what the coverage is, line by line.  How arrogant is it to make someone fumble through policy forms to figure out what you mean by coverage … [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...]

Cruddy Proposals of Insurance

I am looking at a thirty-page proposal of insurance for a bank and I cannot figure out what the premium charges will be.  There is no summary, no comparison, no chart to help me figure out what is being charged. Agents, if you can not summarize the essence of your proposal on one page you have not presented your ideas well. … [Read more...]

Everest Financial Rating Increased

Weiss Ratings has increased their rating for Everest, one of the premiere insurers for banks. The change is from a C to a C+. Under the Weiss rating system, I see a C as a solid insurer. Other rating services give out so many ratings of A that the grade is almost meaningless. (One service rates 90% of insurers as A- or better. How is that … [Read more...]

Travelers Gains Weiss Rating of A-

I have long used Weiss Ratings as my guide to insurer financial strength. ( Weiss just announced it is increasing the rating for Travelers from B+ to A-.  There are few Weiss Rated A insurance companies.  The best of the best.  Well done Travelers. Want to track your insurer's strength?  Signup for the Weiss Watchdog … [Read more...]

Fee Only Insurance Consulting / Fee Only Insurance Consultant

I was asked the other day what the difference is between my brand of Fee Only Insurance Consulting and the work that a traditional insurance agent performs. An insurance agent is paid to sell and service insurance. A fee only insurance consultant never sells insurance, but provides advice and counsel on insurance issues. An insurance agent … [Read more...]

My Letter To A Client About A Bad Insurance Agent

I work with hundreds of insurance agents each year. Some are great. Some good. Some horrid. There is one who is the worst. I have a client who feels that he must buy insurance through this agent. I have repeatedly suggested/begged my client to move the insurance. Here is my latest letter to this client - after the agent delivered a renewal with a … [Read more...]