- 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 institutions 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.
Consulting On, But Never Selling, Insurance
Client Testimonial
Hiring Scott to review the bank’s insurance policy quotes has proven to be a very good decision for the Bank. Scott is knowledgeable, thorough, and understood what we were trying to accomplish thru the evaluation process. Scott accomplished this on short notice and gave us his recommendation with detailed exhalations between the different proposals. On top of this he ended up negotiating a significant decrease in our premium.CFOClear Mountain BankBruceton Mills, WV
As we approached renewal time for our insurance policies, our Board wanted to be sure we invested wisely in insurance and obtained adequate coverage. In the past, we’ve always relied on our existing agents for insurance recommendations. Having someone like Scott that knows the insurance needs of banks and doesn’t sell insurance directly was something we felt we needed. His unbiased approach and expertise was something we lacked in the past. We’ve been working with Scott for severa…EVP, CFOSevern Savings BankAnnapolis, MD
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