Kiss Your Three Year Policy Goodbye

For many years banks under $2B in assets (and some larger) have been able to get three-year renewals on their bond and management liability. A three-year policy saves everyone time and angst. Well, all good things come to an end. In the past week I have heard of two insurers who are not renewing policies on a three-year basis. I expect other … [Read more...]

Twenty Years Ago Today

On May 18, 2000 my first consulting client handed me my first check.  Pepperell Trust in Biddeford Maine needed help with their insurance renewal. The bank is gone, purchased by Bangor Savings Bank, but I am still going strong. What a ride it has been.  Here's to the next twenty years! … [Read more...]

The Pandemic & Insurance – My Thoughts As of Now

We are all trying to figure this thing out. First, we are going to get through this. We always do. The virus has hit my family hard. I'm not convinced, as a nation, we are halfway through this. Thousands and thousands more will be sick and die. Still, I know that sometime in the next six to twelve months, we will see the end. Two years from … [Read more...]

Recommended Limits of Insurance for Bankers

The 2020 edition of my recommended minimum limits of insurance chart is available online. I give guidance on the most asked question I get from my bank clients: "How much insurance should our bank buy?" Go to for the download.   … [Read more...]

Employee Robs Customer – Is There Coverage?

Sometimes I hear of a news story that involves financial institutions where I have to scratch my head to answer my own bank insurance coverage question. That just happened when I read THIS story about a "bank" employee who robbed a customer who had made a large cash withdrawal.  (The article says a bank. It was a credit union he worked … [Read more...]

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...]