Civil Money Penalties Update

I've had several (OK, many, many) conversations over the past few weeks on the issue of bank directors and officers insurance civil money penalties coverage.  (See my other posts on this blog on this topic.) I have worked on dozens of D&O renewals in the past few months.  Not once has the insurer or agent brought the subject of CMP up - … [Read more...]

Bank Civil Money Penalties Insurance Update

A note from a client today - to his agent, cc to me:~~~~~Bob (not the agent's real name), With the many new laws, regulations and agencies to enforce them, we are concerned about the possibility of errors in the mortgage lending area and possible fines related thereto.  It is our understanding that it is possible for the institution, and the loan … [Read more...]

Bank Bond – In Transit Insurance

This one for my bank clients & friends...The bank bond purchased by most American banks includes coverage to loss of money (and other property) "in Transit."  The coverage is also called section C in many bonds.The protection is for money being (oh surprise) transported.Coverage is limited to money transported by employees and by a contracted … [Read more...]

American Bankers Association Insurance Program Announces Dividend

I'm a bit behind on my reading...  Just saw the February 21st press release of the dividend by American Bankers Mutual Insurance, Ltd.Read the release here...The ABA insurance program (the bank insurance program formerly known as Progressive) has long been a leader in bank insurance.  Now called ABA Insurance Services, the people who are on the … [Read more...]

Bank Insurance Issues – ABA Journal

The American Bankers Association's ABA Banking Journal picked up a piece I wrote a few months ago."In insurance, sometimes little things become big things when they aren’t addressed properly.  Often banks focus on the “big things..."Read the whole article here. … [Read more...]

Civil Money Penalties Insurance & Banks

Lots of heat (and little light) lately in the discussion of civil money penalties insurance within bank directors' and officers' insurance.     I talked with a client today on the issue and promised a letter he could send to his attorney.  (Names changed...)   ~~~~~~~~~~~ Bill and Steve,   We discussed the issue of civil money penalties … [Read more...]

Upcoming Bank Insurance Teleseminar

Bank Insurance Teleseminar 12/13/11 1:00 Eastern "Kidnap, Ransom, and the Finer Points of the Bankers Bond" Details and Register At: https://www.scottsimmonds.com/teleseminars/ Free to Bankers... … [Read more...]

Bank Insurer Ratings

I work with a variety of insurers in my efforts for my bank clients. I review coverage, help with claims, and manage bids for community banks. Here are the latest ratings by AM Best and Weiss Ratings for a sample of the insurers who work with banks. . Q3 2011 . A.M. Best Rating Weiss Ratings . ABA Insurance Services … [Read more...]

Limitless Insurance For Banks

Sent to the ABA Journal: To The Editor:For well over 100 years, the insurance industry in America has done an exceptional job of offering protection to America's community banks. As the banking industry changed, so did the insurance protection offered to financial institutions.  As technology changed, bank insurance changed to meet the new … [Read more...]

What Your Bank Board Wants To Know About Directors’ and Officers’ Insurance

My newest white paper for bankers... A clear explanation of directors' and officers' insurance designed specifically for community bank board members. What's covered? What's side A? Can I depend on my umbrella policy for protection? Can we buy coverage for civil money penalties? Explain claims-made.I have included answers to the questions I get … [Read more...]