Notarizing Without Being Face-2-Face

I got this notice from the State of Maine recently... In short, emergency measures in Maine allow notaries to notarize without in-person proof of identity.  That is all well and good. However, if you do that and there is a lawsuit because the person was not who they say they are do not expect your banker's professional liability insurance to … [Read more...]

Indemnification & Hold Harmless Agreements

I like hold-harmless agreements. Basically, they say I will not sue you and you will not sue me. I don't like indemnification agreements. Basically, they say if you get sued I'm supposed to defend you and pay any award against you. In the absence of an indemnification agreement, you pay your liabilities and I pay mine. You buy insurance (or … [Read more...]

Why Can’t I Hire You By The Hour?

I do not work on an hourly basis. I see such as unethical. A flat, value-based fee is the only way I get paid. A business hires a consultant because they have a problem or concern. The faster the problem is solved, the better. Getting paid by the hour incentivizes S----L----O----W work. Hourly-based fees put the consultant's interest at odds … [Read more...]

Unbiased Means My Loyalties Are To You, Only

To my knowledge, I am the only insurance consultant who is, by my definition, unbiased. I don’t accept fees or commissions from insurance agents. I don’t accept fees or commissions from insurance companies. I don't accept gifts, meals, ballgame tickets or anything from insurers or agents. I don’t let insurers buy me meals. I don’t … [Read more...]

Howard Candage, the Teacher and All Around Good Guy

The insurance industry lost a big-brain last week, Howard Candage. I met Howard in the '80s when we both worked for the same agency, W. C. Ladd and Sons in Rockland, Maine.  I spent many great hours traveling with Howard to accounts around the state. He taught me as much about insurance as anyone in my career. I have long said that Howard was … [Read more...]

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...]

What You Should Know About COVID-19 and the ADA, the Rehabilitation Act, and Other EEO Laws

Solid information about testing, vaccinating, etc. relative to the Americans with Disabilities Act. HERE … [Read more...]

Insurance is Simple

The insurance transaction is simple. You tell the insurance company what you want. They tell you how much it will cost. You say yes, or no. The trick is knowing what to ask for and if the price makes the cover valuable. That is the part I help with.   … [Read more...]

Kidnap and Ransom for Bankers

When I look at bank insurance programs I almost always find Kidnap, Ransom, and Extortion Insurance coverage in the fraud-bond (AKA the financial institution bond). That is a good thing. However, I have a concern with what I call extra-bank exposures. Events impacting bank employees but not directly involving banking. Examples: A bank … [Read more...]