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...]

Crime Insurance For Your Bank’s Customers … [Read more...]

Best Way to Reach Me

Client, friend, prospect, advice seeker, relative, media...  The best way to reach me and to save us both a great deal of time and effort is to email me. Send me a note with how I can help. The more detail, the better. If you think a conversation is needed, tell me what you want to talk about and suggest some dates and times. Also be sure to … [Read more...]

Cyber Insurance for Banks – A Webinar

Cyber liability. Cybercrime. Computer fraud... It's a rare day I don’t get several phone calls from bankers about cyber insurance. Do you have questions? Let me answer them for you. Join me for a fast-paced session giving you the basics of the insurance your bank needs for protection against cyber attacks. You will learn about the policies … [Read more...]

Account-Take-Over Risk Management Strategies for Your Bank’s Customers

Your small business customers may not have the right insurance coverage and not know it. A few years ago I put together a quick video that can help. Your customers need employee dishonesty insurance, cyber crime insurance, and perhaps, cyber liability insurance.  If they don’t have the right insurance, they might come to your bank looking to … [Read more...]

How Much Insurance Should My Bank Buy?

I have just set up a permanent home for my recommended minimum insurance limits worksheet. The current version will always be at … [Read more...]

Vested Interests In Insurance Purchases

Your current insurance agent wants to sell you the insurance you have and more. Another insurance agent wants to sell you different insurance - then they become your insurance agent and want to sell you the insurance you have and more. Your insurance company wants you to keep the insurance you have - and charge you more for it. Another … [Read more...]

Workers’ Compensation Experience Modification

If your workers' compensation premium is over $5,000, your losses impact your future premiums through the use of an experience modification. More losses, higher modification. Higher modification, higher premium. The experience modification is a ratio of expected losses to actual losses. If your "mod" is over 1.00, your losses are above average … [Read more...]

How to Pick Your Insurance Agent

The most important part of the insurance transaction is the insurance buyer's relationship with the insurance agent. Learn about the process of picking an exceptional insurance agent here. … [Read more...]