The most important insurance policy a bank has, and the only one that is required by the regulators, is the Financial Institution Bond. Make sure you are covered against employee dishonesty, burglary, robbery, fraud and other crime exposures.
While business insurance policies by definition provide coverage for the business itself, individual bank officers may still be personally exposed to financial losses resulting from a lawsuit. Protect your bank’s leadership from losses arising from wrongful acts.
These coverages protect the bank’s assets from physical loss due to fire, windstorm, lightning, vandalism, damage from vehicles, and a host of other physical exposures. Additionally, a portion of this coverage provide premises liability for injuries sustained by people while they are on the bank’s property. Other coverages that are normally considered part of the package policy are Worker’s Compensation, Commercial Umbrella, and Commercial Auto.
Cyber Liability Coverage helps your bank survive data breaches and cyber attacks by paying for recovery expenses. When cybercriminals infiltrate a network, hold data hostage, or acquire sensitive data, the bank they steal from can be held liable. That’s where Cyber Liability Coverage comes in. It can often pay for customer notification, credit monitoring, legal fees, and fines after a business experiences a breach.
This policy protects the bank against loss arising from the fraudulent use of a bank card at an electronic terminal or for fraudulent use of a card where property or services are sold and delivered by a merchant to an individual purporting to be the cardholder.
Mortgage Impairment Coverage is a blanket product that eliminates the need to track insurance or respond to any cancellation notices within your real-estate loan portfolio. In addition to protecting you if the borrower fails to meet their insurance obligations, mortgage impairment insurance also protects your mortgage portfolio in the event of errors or omissions.
