Financial Institution Bond
You have heard the saying, you get what you pay for. That can be said today for some of the insurance products being offered in the marketplace. Not all insurance policies are the same and some companies will be lower in premium but come with inferior coverage. Texas Bankers Insurance Agency can help you analyze your insurance coverage and prevent oversights.
Some important coverage questions to ask are:
- Based on my bank's asset size, are my limits of coverage adequate?
- Does my bond have a loss sustained endorsement limiting coverage?
- Does my policy have a broad definition of employee embezzlement?
- Can my current insurance carrier cancel coverage for any reason by giving me 60-day notice?
- Are my claims paid as an occurrence or is there an annual aggregate limitation?
2015 ABA Peer Data.pdf
2015 One Beacon Peer Data.pdf
2015 Travelers Avg Peer Data.pdf
Directors and Officers Liability Policy
What are the major sources of lawsuits in banking today?Ask the important questions:
- Can my current insurance carrier cancel coverage for any reason?
- Based on the bank's asset size, are my limits and deductibles accurate?
- Does my current carrier provide third-party lender liability coverage?
- How are claims settled if I disagree?
- How does the hammer clause read in my policy?
- Do I pay my defense costs up-front?
- Does my policy have a retro date limiting the reporting of claims?
Directors and Officers Liability Policy Definition
Cyber Liability/Mitigation Insurance
Cyber Liability is a hot topic for banks today. Examiners are looking closely at the procedures your bank has in place in case of a breach and wanting to know what insurance coverage the bank carries. We are pleased to offer our banks the broadest coverage available from Beazley. Beazley is a full service insurance company. Should your bank experience a breach, one phone call to Beazley and they start the process to help you mitigate your exposure. They call the lawyers, outside computer forensics, write letters to your customers, provide liability coverage and much more.
You can complete an application by clicking here.
Debit and Credit Card Fraud
Did you know that debit and credit card fraud is the number one form of identity theft? This year, banks and merchants will spend over $300 billion on card fraud. The number of cards compromised or breached is expected to affect 420 billion cards this year. It will be only a matter of time before your clients suffer from this type of theft. Will you have insurance coverage for this type of loss?
We offer this valuable coverage. It is one of the broadest coverages available, and it is priced quite moderately with most premiums below $2500.
- Coverage provided in the USA, Canada and Internationally.
- Coverage provided even if the PIN number is used.
- Coverage provided if the card is actually swiped, used for mail order or by internet.
Debit Card Coverage Definition
Commercial Package Policy
Lender Placed Insurance
Downturns in the economy may force your bank to repossess properties or forced place coverage on existing loans. How do you cover these insurance exposures? We have the answers with our forced place/repossessed property and flood program. It's easy to use, cost effective and vital to your bank's overall lending portfolio.
Does your current coverage:
- Provide coastal wind and hail coverage?
- Offer Builders Risk property coverage for partially completed structures?
- Offer coverage for condominium properties?
- Provide General Liability coverage for foreclosed properties?
- Offer Flood and Earthquake coverage?
- Offer Flood coverage for forced place or repossessed properties?
- Allow the bank to 'write your own' coverage for uninsured collateral for auto, watercraft, mobile home and recreational vehicle loans?
Financial Institution Bond (Blanket Bond or FIB)
Mortgage E&O and Impairment
Mortgage Errors & Omissions Liability coverage protects the bank if you fail to require, purchase or maintain insurance on real property collateral and a loss occurs to the mortgaged property. Coverage can include failure to the borrower in determining the proper flood zone, failure to pay mortgage life, accidental death or disability insurance, failure to pay real estate taxes or comply with private mortgage insurance requirements from FNMA, FHLMC, or GNMA.
Mortgage Impairment protects your bank's mortgage interest when you are unaware of a lapse of insurance coverage and a loss occurs to the mortgaged property.
Mortgage Impairment and E&O Definition
Insurance for Your Bank Commercial Customers
Corporate Account Takeovers (CAT) of your commercial clients is a huge issue today. Banks have suffered huge losses when they provide a wire transfer from someone posing as their customer via email and requesting large sums be transferred to other banks. Today, most bankers are fully aware of this exposure and perform the necessary call backs to insure coverage under the Financial Instution Bonds. HOWEVER, today it is highly recommended that your bank customers have a Crime Policy which not only covers them in case one of their employees steal from them, but it also covers Fraudulent Wire Transfers! These policies are not very expensive and many banks today are highly recommending them to their wire transfer customers.
Applications can be found here.
Need an Insurance Coverage Review?
Most bankers do a great job of 'bidding' out their insurance policies. But how many of us verify that the coverage we need is in the policy? Could there be gaps in the coverage? Did I read the fine print?
Texas Bankers Insurance will review your current insurance program and provide a detailed report for you to share with your board of directors and your current agent.
We can help answer questions like these:
- Are my coverage limits adequate for my bank's value and asset size?
- Do I need a loss control visit?
- Am I missing any important coverage?
- Is there restricted wording for the definitions of coverage?
- Do I have enough disaster recovery money?
Group Health Insurance
Texas Bankers Insurance partners with AmeriCap to help banks purchase affordable and reliable health care coverage. With over 45 years of health insurance experience, AmeriCap can help your bank cut costs without sacrificing benefits.