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...]

Summary of Bank Civil Money Penalty Issue As Of Now

I just sent the following to a bank client. We had completed a coverage review and thought that the issue of Civil Money Penalties should be in a separate email - making it easier to forward on to his board. John Smith, In our conversation yesterday I recommended that the bank consider removing civil money penalties insurance from the directors' … [Read more...]

Does Your Bank Have Enough Insurance?

“Does our bank have enough insurance?” It's the most common question I hear. Several years ago I started putting out my recommended minimum insurance limits for banks of different sizes.  Download the Current Edition Here Same caveat from past editions - your mileage may vary. When insurance is a bargain, buy more. If rates are … [Read more...]