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 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...]
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...]
