Bank Insurance Articles, Teleseminars, and White Papers

Part of my job is to educate bankers who buy insurance for their banks – just look around this website. Most of my ideas and writings are available for all to see – newsletters, blog posts, articles, white papers… If you don’t see a topic of concern that is covered here let me know.

Questions Bankers Should Ask Their Insurance Agents  – Ask questions and you get answers. What if you don’t know what questions to ask? Here they are in one nice neat pile. Questions for bankers who buy insurance for their banks.

Link to My ABA Journal Article On Bank Property Insurance Lots of stuff here that nobody else talks about in the world of bank insurance.

Download The Latest Edition Of My Newsletter Simmonds On Bank Insurance  – I cover all manner of insurance issues that affect banks. If you find a topic I don’t cover, let me know and I’ll add it.

How Much Insurance Coverage Should Your Bank Buy?  – While no chart can tell you how much insurance is right, I can tell you when you don’t have enough. From a wide range of sources and experience, I have put together a matrix of minimum insurance coverage for a wide range of bank asset classes. I call it, “Recommended Coverage Minimums.” Should you have $1,000,000 in fidelity coverage, or $3,000,000? Is $3,000,000 of directors’ and officers’ insurance enough? How much umbrella liability insurance should you have? Download my chart and compare it to your bank’s current insurance program.

The Bank D&O Guide  – The 2013 edition of the “definitive handbook for bank directors and officers” – my latest thinking on the topic of bank directors and officers insurance coverage. What community bank board members need to know about directors’ and officers’ insurance. A clear explanation 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? What is “claims-made?” I have included answers to the questions I get when I do seminars and presentations to board members. Thirty years of board member questions in twenty pages.

Renewal Ruminations  – From the Q4 2010 Issue of Maine Community Banker. Ideas that will make the renewal of your insurance coverage easier and more effective

Bank Insurance Primer   – From the November 2010 Issue of the RMA Journal. The basics of bank insurance.

How to Fine Tune Your Bank’s Insurance Program  Article reprint from Maine Community Banker Magazine. Tips and tricks to improve your bank’s insurance coverage.

 


The Bank Insurance University

Teleseminar Recordings For Bankers Who Buy Insurance For Their Banks – Each Session Recorded Live From A Teleseminar.  Average time per session is forty-five minutes.

Bank Insurance 101 Version 1  – I cover a wide range of bank insurance issues – coverage, bidding, the marketplace, coverage problems… A great session covering lots of insurance stuff that you will not hear any other insurance person talking about. Download the recording now.

Bank Insurance 101 Version 2  – The basics of bank insurance in forty-five minutes. What’s covered by the bond, the executive risk, the D&O. Advice on property, liability, auto, and umbrella coverage.

Renewing Your Bank’s Insurance  – The tools and tricks you need to renew your bank’s insurance program. I discuss optional approaches, give inside information on tactics, and answer questions from the audience. This call caused more stir and comment than any other teleconference I have done. One participant said she didn’t think her agent would want her knowing this stuff. Who am I to say? (Wink)

Claims Management  – I overview claims “best-practices.” Property, liability, executive risk, bond… Information you will not find anyplace else. (The sound quality on this file is a bit rough. Sorry. Tech glitch.)

Executive Risk and D&O Insurance  – I summarize the coverage, give some hints as to what to look for in your policies, and give you some ideas so you can be more comfortable with talking to your agent about the coverage.

Kidnap, Ransom, and the Finer Points of the Banker’s Bond  – Some of the lesser discussed areas of the banker’s fraud-bond, plus a discussion on civil money penalties insurance.

Mortgage Impairment, Mortgage Errors and Omissions  – The basics of lender asset protection insurance including mortgage E&O, lender’s single interest, and forced placed insurance. A fast-paced session that includes a great deal of information.

What You Should Know About Your Bank’s Insurance  – Sixty minutes of information on the basics of the insurance your bank has/should have. One of our most well-attended sessions. I got many comments on the information I included in this seminar. Some suggested it was Insurance 201. Download the recording and listen on your computer or on any MP3 player.

Directors’ and Officers’ for Dummies – I discuss the issues and traps that I find in my client’s bonds. I talk about limits of coverage, exclusions to avoid, and the changes I am seeing in the marketplace. Download the recording and listen on your computer or on any MP3 player.

Banker’s Bond Bugaboos – Forty-five minutes filled with the issues and traps that I find in my client’s bonds. I talk about limits of coverage, exclusions to avoid, and the changes I am seeing in the marketplace. Download the recording and listen on your computer or on any MP3 player.

 


Problems Recently Found By My Bank Insurance Reviews:

  • A bank with ten branches and no extra expense coverage on any of them.
  • Property insurance policies with coinsurance penalties that kick in after a loss.
  • Incorrect listing of insured entities on the liability, auto, and umbrella policies.
  • No debit card fraud coverage on the financial institution’s bond.
  • No safe depository insurance on the bank’s six locations with safe deposit boxes.
  • Low directors’ and officers’ limits of liability combined with inadequate aggregate limits of coverage.
  • A bank with several missing locations from their package policy.
  • A bank insurance plan with inadequate e-banking protection but exceptionally low property deductibles.
  • Poorly written employment practices coverage that did not cover workplace harassment.
  • No coverage on repossessed vehicles on the auto insurance program.
  • No coverage on a bank parking garage where over fifty cars were parked all day.
  • Inadequate umbrella liability limits of coverage plus no coverage for foreclosed properties.