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...]

2021 Recommended Bank Insurance Limits Available

My updated summary of recommended minimum limits of insurance is available now at Do you have enough insurance? Too much? Get my whitepaper for a starting point. … [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...]

Notary Service By Zoom

In a recent newsletter, I mentioned the exclusion on many bankers professional liability insurance policies for claims where a signature was notarized without the customer appearing in front of the notary. Here is one insurer's exclusion: "The Insurer shall not be liable to make any payment for Loss in connection with any claim arising out of … [Read more...]

Smoke Alarms Expire

Our new Maine house needed some electrical work.  The electrician let us know that the smoke alarms had expired.  I thought he was joking. I flashed be being a new Boy Scout and being asked by an older Scout to run to the next camp to get him a "tent-shifter." Actually, smoke alarms do expire.  The recommendation is to replace them every ten … [Read more...]

Damage to Personal Vehicles on Bank Business

I get more web-traffic on this topic as any other thing I have posted in the last 20 years.  Several clients have asked about it recently. Jane has been an employee of your bank for many years. She is a good and faithful employee. On her way back from a meeting, a truck kicks up a stone that breaks Jane's windshield. Jane is now in your office … [Read more...]