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...]

Chubb Insurance Pulls Back From Insuring Banks

I have heard now from two sources that Chubb Insurance is pulling back from providing community banks with management liability, directors and officers, financial institution bond, and related insurance coverages. The reports are that the insurer is not canceling policies but pricing renewals so to be uncompetitive. Also, no new banks are being … [Read more...]

Informative Bank Director’s Guidebook

Charles Thayer is a well-experienced bank advisor and board member.  His latest book is an excellent overview of obligations and advice for directors. Filled with "Do's and Don'ts," there is solid and actionable information here. He also brings out the importance of strong directors' indemnification language as protection for directors in … [Read more...]

How is Your Bank’s Property Valued By Your Insurance?

Property valuation can mean several different things: real estate value (the price at which you could sell) tax assessment value replacement cost book value (purchase price minus accounting depreciation) actual cash value (replacement cost minus usage depreciation) Two forms of valuation are commonly used in property insurance. … [Read more...]

Captive Insurance For Community Banks

Over the last few years, I have written about the Bank Captive program run by KeyState. The program continues to grow. TWENTY-SIX STATE BANKING ASSOCIATION ENDORSEMENTS The KeyState Bank Captive Program has now been endorsed by twenty-six State Banking Associations, the latest being Mississippi, Texas, and New York. SIXTY-SIX BANKS NOW … [Read more...]