Kidnap and Ransom for Bankers

When I look at bank insurance programs I almost always find Kidnap, Ransom, and Extortion Insurance coverage in the fraud-bond (AKA the financial institution bond). That is a good thing. However, I have a concern with what I call extra-bank exposures. Events impacting bank employees but not directly involving banking. Examples: A bank … [Read more...]

Smoke Alarms Expire

Our new Maine house needed some electrical work.  The electrician let us know that the smoke alarms had expired.  I thought he was joking. I flashed be being a new Boy Scout and being asked by an older Scout to run to the next camp to get him a "tent-shifter." Actually, smoke alarms do expire.  The recommendation is to replace them every ten … [Read more...]

Damage to Personal Vehicles on Bank Business

I get more web-traffic on this topic as any other thing I have posted in the last 20 years.  Several clients have asked about it recently. Jane has been an employee of your bank for many years. She is a good and faithful employee. On her way back from a meeting, a truck kicks up a stone that breaks Jane's windshield. Jane is now in your office … [Read more...]

Customer Slip and Fall Prevention

By far the most common general liability claim for financial institutions is the slip, trip, and fall event. A customer slips on the ice in your parking lot. A mortgage attorney falls on a wet entryway floor. A pedestrian trips on the sidewalk in front of your bank. Here are a few ideas on prevention... -Don't be stingy with the … [Read more...]

The Asset No Insurance Can Protect

Your bank's reputation is an asset that no insurance can protect. Some insurers have come up with limited insurance coverage for some PR issues.  However, as many falsely-accused have said, "Where do I go to get my reputation back?" What's your bank's plan for negative press? How do you respond to a derogatory story or FaceBook post? How do … [Read more...]

Pregnancy Discrimination Act

The Pregnancy Discrimination Act was signed into law forty years ago. Legally and ethically your employees are due reasonable accommodations that allow them to work through the term of their pregnancy.  The Act also has been interpreted to include providing space and time for new mothers to pump breast milk at work. Here is some info on the Act … [Read more...]

Not A Big Deal, Until It Is… Valuable Papers

After a fire standard property insurance will pay for the value of the paper in your file cabinets...  So, for every file cabinet you have your insurer will buy you two boxes of copy paper. Cool! Until you realize you need the information that was on those pieces of paper. That is what is called Valuable Papers. Valuable papers insurance … [Read more...]

Banks Need To Review Websites for ADA Compliance

This will be my third post on this topic... Here is the last one from December of 2016 which references my post of January 2016. Well, boys and girls, it is still happening.  A law firm hires a disability advocate to visit your website. They find it to be non-compliant with the Americans with Disabilities Act.  You get a letter threatening … [Read more...]

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...]

Damage to Employee Vehicles While Driving on Bank Business

What are the employees’ expectations for damage caused in accidents while driving their personal vehicles on bank business? Will you pay for damage to their vehicle, or should the employee rely upon his own insurance? Will you pay his deductible? Make your plan clear in your employee handbook to avoid misunderstandings. Send an annual reminder … [Read more...]