Bank Insurance Mistake – Inadequate Extra Expense Coverage

Undoubtedly your property insurance covers the repair of a bank building damaged by fire or windstorm. How about the increased cost of operations for the six to eight months it takes to get you back into the building?

How will you pay for the rental of a temporary banking location or the cost of bringing in a mobile banking center? How about the cost of fitting out your temporary office quarters with power, phone, and Internet connections? Your branches should have at least $250,000 of extra expense coverage. Your main offices may need as much as $1,000,000.

Talk with your insurance agent. Better yet, as you have coverage concerns, call me.