To Keep or Not to Keep, That is the Question! Insurance Policy Retention

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...]

Banks – Professional Liability Notary Services Exclusion

Bankers, a reminder about most insurance company's professional liability coverage... Most insurers exclude lawsuits that come out of notarized signature when the person signing the document did not appear personally before the notary. You'd think it was a given that notaries would have to have the guy standing in front of them in order to … [Read more...]

Civil Money Penalty Insurance

Since the FDIC came out with their October 2013 letter clarifying/trashing the use of insurance to protect bank directors and officers from civil money penalties there has been a great deal of heat generated by discussion.  Not much light - lots of heat. About two years ago I saw the whole thing coming and started telling my bank clients to … [Read more...]

The Difference Between Directors and Officers and Professional Liability

I was asked recently the difference between Directors' and Officers' Insurance (D&O) and Professional Liability Insurance (malpractice, errors and omissions). D&O covers management decisions. Professional liability covers malpractice in the business you are in. A doctor cutting out the wrong kidney is professional liability. The … [Read more...]