Concise Version: The bank insurance marketplace in 2021 will continue to be dynamic. We are in a seller's market (as compared to the relative buyer's market we have been in for well over ten years). If your bond/management liability/cyber liability renews this year start the process six months before renewal. Get applications back to your … [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...]
Insurance Renewal Best Practice
May 20, 2019
Another name for your insurance renewal could be "The Annual Insurance Affliction." Start thinking about your renewal five months before it happens. Consider what you want the outcome to be. -Do you want quotes from other agents? -Do you want quotes from other insurers? -Do you want quotes in-hand thirty days before your current … [Read more...]
Your Insurance Agent Is a VIP (Vital Insurance Partner)
July 8, 2018
My friend Howard Candage taught me that the most important part of the insurance transaction is the relationship an insurance buyer has with his or her insurance agent. Having the right agent is critical to a successful insurance program. There has to be trust and respect between the two parties. Your relationship with your agent has to be as … [Read more...]
To Keep or Not to Keep, That is the Question! Insurance Policy Retention
April 21, 2018
A bank client wrote me recently and asked how long he should keep insurance invoices, claims info and policies. Here is my advice: Hi Brad, I'd keep invoices and claims records as long as you keep other expense records. Claims that involve litigation should be kept as long as your attorney tells you to keep the info. The standard … [Read more...]
Learn to Read Your Bank’s Insurance Policies
July 24, 2017
The mere thought of reading an insurance policy can make your head hurt. Understanding your bank's insurance, however, requires that you review the contracts. Here are some hints to make it less painful. Understand the Purpose of the Policy – An auto policy is designed to cover vehicular accidents. General liability insurance is purchased to … [Read more...]
Insurance Mistakes – Improper Named Insured
May 19, 2016
Your insurance requires that names be listed on the declarations page of the policy. Those entities or people listed are insured by the policy. Some policies extend protection to subsidiaries and owners. Notice I said, "some." Review the named insureds on your policies. Be sure all entities are listed or that the policy includes language adding … [Read more...]
CEOs Signing Insurance Applications
March 10, 2016
A bank client is in the final stages of changing insurance companies. The insurer wants a signed application. The CEO looks over the app. He is busy and trusts his CFO. He signs the document and moves on. Six months later a claim comes up. The insurer turns the claim down because there is a pertinent question on the application that was answered … [Read more...]
Cruddy Proposals of Insurance
December 28, 2015
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...]
One Agent is Enough and Preferable
December 2, 2014
I have clients who have more than one insurance agent. There are many reasons this happens. It is almost always a bad idea. Multiple agents means that intersecting insurance coverages are handled by different people. All the moving parts of your insurance program and your business cause confusion when there are several cooks in the … [Read more...]
