FinSecure pulls Back from Insuring Medium and Small Credit Unions

I have heard rumors that the insurer Berkley FinSecure is pulling back from insuring credit unions under $750m in assets. I'm told that different regions may be handling this track differently but credit unions in at least some parts of the Northeast are being non-renewed. The word I am getting is that credit unions are not being canceled. … [Read more...]

Insurance Prices Rising

The July renewal season is effectively over and premiums are going up. So far, most of the increases seem to be in property insurance.  The cost of insuring buildings and contents are increasing between five and two-hundred percent. Yes, two-hundred percent! I am getting reports that the insurance on commercial properties in areas … [Read more...]

Excluded Property – Mail

Your bank's fraud-bond and property insurance probably exclude coverage for property mailed or shipped. Consider separate coverage for property, securities, and other property of value you mail or ship. … [Read more...]

Fiduciary Liability Coverage Misunderstandings

In your bank's management liability insurance program is (should be) coverage for errors made in the administration of YOUR employee benefit plan as described in the federal law, ERISA.  This coverage section is almost always called "Fiduciary Liability." The word "fiduciary" refers to your liability under ERISA, as an employer. This is not … [Read more...]

A Reservoir of Bank Insurance Knowledge

Since 2000 I have made over 800 posts to this blog. In addition, there are hundreds of articles, podcasts, and videos available on my website. I know of no other bank insurance resource with this amount of information and advice. I'm particularly proud of my bank insurance book, now in its second edition, available on Amazon. While many like … [Read more...]

Bank Breach – Debit Card – Update

In August I put out a post on my take of the VA bank $2.4m debit-card/hack event.  (See that post here.) Over the past three months, I have more information and have changed my thinking slightly. First, I have no more info on the actual event or the claim with ABA/Everest. As I said before, the bank is not a client and ABAIS is obviously not … [Read more...]

ABA to Distribute $2m to Insured Banks

ABA Insurance Services announced this week that $2,000,000 in dividends will be distributed to insured banks. (Press release can be read here.)   … [Read more...]

Debit Card Insurance Coverage Tips

Almost all Fraud-Bonds exclude a loss where the loss involves the use of a debit card. Coverage can be added back for an additional premium. Some insurers offer a separate, stand-alone policy. Debit card coverage provides for losses resulting directly from the fraudulent use of a debit card to obtain cash or pay for products or services by … [Read more...]

One Word Change Can Be The Difference In Covered/NotCovered

Why does a bank need my help with insurance? From one insurer's employee dishonesty coverage...   I request the insurer change one word in the policy... One word. “And” is changed to “Or.” In the coverage as issued for most banks, the bank must suffer a loss AND there must be an improper benefit. Bank manager moves … [Read more...]

Fracas Over Insurance on $2.4m Bank Breach – My Take

In the last several weeks I heard from many of you about a Virginia bank breach and the response from their insurer, ABA/Everest. The concerns are real. Let's see if we can add some light to the heat. Here is the original post. I have done some research. I have looked at policy forms by ABA/Everest and other insurers. I have talked with a few … [Read more...]