Put your Risk in our hands
Financial institutions are faced with a wide array of exposures on a daily basis. Risk management involves avoiding risk or financing those losses that do occur. An organization may choose insurance as a form of risk transfer for its risks from accidental loss. Typical coverage available to a financial institution includes:
Financial Institution Bond
Protects financial institution against employee dishonesty, robbery, hold-up, computer theft, forgery or alteration of checks, forgery or alteration of loan collateral, extortion threats, and safe deposit liability losses.
Directors’ & Officers’ Liability Insurance
Protects directors, officers, and employees against suits brought against them for negligent acts, errors, or omissions in the management of the financial institution.
Financial Institution Lender Liability
Protects the financial institution against suits brought by a borrower for a wrongful lending act.
Check Kiting Fraud
Protects the financial institution against loss resulting from a check kiting scheme.
Employment Practices Liability
Protects the financial institution and its directors and officers against suits brought by employees or employment candidates alleging any actual or alleged wrongful employment acts.
Excess Directors’ & Officers’ Liability
Purchased by the qualifying financial institution to provide limits in excess of the Directors’ & Officers’ Liability limits written by the underlying (primary) carrier.
Bankers Professional Liability
Protects financial institution against negligent acts, errors, or omissions in providing, or failing to provide Professional Services on behalf of a customer.
Property & Casualty Insurance
Protection for the financial institution’s building, contents, business autos, computer equipment, ATM’s, and extra expense exposures. Also included are General Liability, Workers’ Compensation, and Commercial Umbrella coverages.
Cyber Liability Insurance
Protects the financial institution from liability due to actual or alleged failure to protect customers’ confidential information, unintentional failure to prevent the transmission of a computer virus, and failure to provide authorized users with access to the financial institution’s web site.
Mortgage Interest Insurance
Protects the financial institution’s interest in mortgaged property where there is a lack or insufficiency of the borrower’s insurance. The financial institution must confirm the actual existence of insurance at loan closing and react to cancellation notices thereafter. The program is compliant with secondary market requirements.
Equipment Maintenance Management
Reduces the high costs and inefficiencies associated with maintaining and managing multiple vendor maintenance contracts on the institution’s financial banking equipment, data processing equipment, alarms, cameras, office equipment, and communications equipment. Cost reductions typically range from 10 – 20% over current maintenance contract expenses.
OfficeMax® Partner Advantage Program
This affiliate-purchasing program affords small-to-medium-sized institutions pricing discounts typically available only to large national corporations or membership-only programs with expensive annual dues. Your organization will realize savings of up to 80% off the manufacturer’s list price on supplies you use on a daily basis.
EFT Guard Program
Protects your commercial online banking customers from loss of funds due to cyber theft. Increasingly, cyber crooks are targeting small-to-medium-sized businesses with their vulnerable security controls and procedures. The program’s three components include: 1) secure access software to protect your online business customer from fraud; 2) an educational program designed to help your customer avoid becoming a victim of cyber theft; and 3) up to $100,000 ($0 deductible) in fraud protection for your customer should your customer fall victim to a cyber-criminal resulting in an unauthorized transfer of funds from the customer’s online business account.