Bank Insurance Crystal Ball 2021

Concise Version: The bank insurance marketplace in 2021 will continue to be dynamic. We are in a seller's market (as compared to the relative buyer's market we have been in for well over ten years). If your bond/management liability/cyber liability renews this year start the process six months before renewal. Get applications back to your … [Read more...]

Can You Save Us Money?

Prospective clients often ask if I can really save them money. This week I got a workers' compensation renewal from an agent. I sent an email back with three ideas. The result was a $22,000 savings to my client.Another client came to me with a quote from their agent for a new building. (A BIG building.) I spent ten minutes on the phone with the … [Read more...]

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 www.HowMuchBankInsurance.com 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...]