Unbiased Means My Loyalties Are To You, Only

To my knowledge, I am the only insurance consultant who is, by my definition, unbiased. I don’t accept fees or commissions from insurance agents. I don’t accept fees or commissions from insurance companies. I don't accept gifts, meals, ballgame tickets or anything from insurers or agents. I don’t let insurers buy me meals. I don’t … [Read more...]

Semantical Bank Insurance Silliness

For the 238,000th time, I have been asked why insurance is so unnecessarily complicated... I have no good response. In 40 years I never have. Probably will not 40 years from now. Regulators and some insurers call two different policies "Mortgage Errors and Ommissions." The first is coverage for a borrower who fails to buy insurance after you … [Read more...]

Mortgage Impairment

Ask three questions when talking with your insurance agent about mortgage impairment insurance coverage: 1) Do we track customer renewals, cancellations, or neither? 2) Does this cover mortgage impairment by flood when flood insurance is required peril? 3) Does this cover mortgage impairment by flood when flood insurance is not a required … [Read more...]

Remember the Pollution Exclusion

Remember the Pollution Exclusion Over the past twenty years, the insurance industry has been hammered by the courts on pollution claims. Now, most standard insurance policies have pollution exclusions so broad that the industry calls them “absolute pollution exclusions.” Liability arising out of pollution is excluded by most general liability … [Read more...]

Stop Tracking Your Customer’s Insurance!!!

For years I have been telling my bank and credit union clients to stop tracking their customer's insurance.  Really, stop! When you write a mortgage, you require that the customer buy property insurance (and maybe flood insurance). Then for the life of the loan, you track their insurance. Maybe you file renewals. Maybe you only respond to … [Read more...]

Bank Insurance In About Fifteen Minutes

I'm often asked to overview bank insurance.  Here are five videos that might do the trick.  Here you'll get the basics of bank insurance coverage - management liability, the financial institutions bond, standard lines of insurance for banks, and lender asset protection insurance. Bank Insurance Overview Management Liability Insurance for … [Read more...]

Insurer Wants Square Peg For A Round Hole – Bank Loss of Income Insurance

A property insurer asked the bank's insurance agent to have the bank complete a loss of income worksheet. He reached out to me for help....   Matt,  Nice to hear from you. There is no way to fill out the "standard" business income worksheet for a bank. A bank's finances just dont match up with such a form. It's why I rail against … [Read more...]

Bank Insurance For Insurance Agents

Watch my webinar for insurance agents who sell to banks. I share some of the issues I see in my reviews of bank insurance programs and the tools I use to explain bank insurance coverage to bankers. … [Read more...]

Notary Public Professional Liability Insurance Banks

A client sent me the following questions about notary public professional liability insurance: Are employees who perform notary services for bank customers insured against errors they make?  Would that fall under Professional Liability coverage, or is it a specialty insurance? My reply: When they are performing services related to their … [Read more...]

Bankers Service on Nonprofit Boards

What if you get sued for a decision you make while serving as a director of a local charity? Service on nonprofit boards is certainly common for community bankers. What insurance protection is provided by your bank’s current directors' and officers' insurance for your nonprofit service? Sample Policy Sections Most banks buy directors' and … [Read more...]