Howard Candage, the Teacher and All Around Good Guy

The insurance industry lost a big-brain last week, Howard Candage. I met Howard in the '80s when we both worked for the same agency, W. C. Ladd and Sons in Rockland, Maine.  I spent many great hours traveling with Howard to accounts around the state. He taught me as much about insurance as anyone in my career. I have long said that Howard was … [Read more...]

Bank Insurance Market Update

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...]

Personhood and Insurance

Many states currently have on the books or are considering laws that give legal "person" status to a fetus/unborn baby.  I make no judgment here on the ethics or morality of one position over another. I raise the issue of insurance... A pregnant employee is in a work-related car accident and the baby dies. Is the baby covered by workers … [Read more...]

Surprise! Insurance Agents Recommend Buying Insurance

I have had four conversations today with insurance agents.  In all cases the agents wanted my clients to buy more insurance.  More, more, more, more. There is never enough insurance purchased. There is never a reason to lower limits. There is never a premium savings worth increasing deductibles. No risk is too small to recommend the purchase of … [Read more...]

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...]