Diary of a Bank Insurance Review

Well over 75% of the calls I get are from bankers who want a review of their bank’s insurance coverage.

The process is straightforward. Send me your policies and other information. I review it, ask some questions, and report the issues I find.

Once I get the info I need, I can finish a review of your bank’s insurance and have your bank moving towards improved insurance coverage within fifteen days.

Day 1

CFO of the bank emails me. He is interested in a review of his bank’s insurance. We discuss his bank’s situation, current insurance, and his objectives. The call takes less than twenty minutes. Later that night, I email a proposal that outlines the project’s objectives, accountabilities, and fee.

Day 5

The CFO gets back to me, asking to move forward. He signs the proposal and cuts me a check for my fee. I email him a letter to send to his agent, requesting information for the project – summary of insurance, loss runs, and the like.

Day 8

I receive a box of the bank’s insurance policies, sent by the CFO. I start my review of coverage. (Note: more and more banks are scanning their policies and emailing them. This speeds up the review process.)

Day 10

I receive information from the bank’s current insurance agent. I call the CFO, and we set a date for the review conference call.

Day 15

I email the CFO a copy of my findings to be used in our phone call later in the day. At the appointed time, we review the issues and I provide my recommendations. The CEO, CFO, and SVP of the bank are on the call. We set action plans and accountabilities for each issue. We set a date for the next conference call to review progress.

To start the process just send me an email at Scott@ScottSimmonds.com or call me at 207-284-0085. After a short conversation, I will send you a proposal (almost always within a business day), bank references, and everything you need to make the decision to go forward.

Once I complete a review you will have a better understanding of your insurance. You’ll know the coverage you have, and the coverage you don’t have. You’ll have specific recommendations on how to improve your coverage, and tactics to broaden your insurance protection.