Insurance for Banks and Financial Institutions

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Insurance for Banks | Financial Institutions Insurance

Bankers Insurance – our name says it all.

We offer insurance for banks at industry-leading prices, delivering broad, cutting-edge protection. Financial institutions hold a special place in our company history, and our heart. The finance industry is a cornerstone of a healthy community. We support you by providing dedicated risk advisors, analysts, account managers, and claim liaisons as a part of our financial institutions insurance program. Our consulting team will advise regarding your risk exposures and help develop a risk management program. Our value-added business tools and services will help your firm run efficiently, effectively, and profitably. We are an independent insurance agency.

Bill Groves
(804) 819-7479
bgroves@bankersinsurance.net

George James
(276) 223-4318
gjames@bankersinsurance.net

Wayt Timberlake
(434) 327-1655
wayt@bankersinsurance.net

Testimonials

Insurance for Banks

Key Features

What makes us different? It is not what we do, but how we do it.

  • Expertise: Each of our client accounts are professionally managed by a team of risk managers that specialize in insurance for banks. Not only do our carriers specialize in this industry, but we staff an entire division of experienced and trained experts as well.
  • Carrier Relationships: We are contracted with all the industry’s leading insurance carriers that specialize in financial institutions. We know their strengths and match our clients to the one that best suits their needs.
  • Specialized Coverages: Banks are exposed to risks inherent to this industry. Our name, Bankers Insurance, speaks to our ability to provide an insurance policy expressly designed to offer protection that responds to these unique exposures. This specialized coverage is not found in other policies.
  • Emerging Risks: Bank customers demand convenience, urging them to adopt new technologies. We help our clients identify and manage associated risks.
  • Loss Analytics: Take advantage of all our risk management services including benchmarking, workers’ compensation experience modification reviews, contract reviews, and additional services.

We offer

Insurance for Banks:

  • Liability
    • General Liability
    • Management Liability, including Directors & Officers Liability
    • Professional Liability (Errors and Omissions)
    • Umbrella Liability
    • Cyber Liability / Data Breach
    • Fiduciary Liability and Bonding
    • Employment Practices Liability
    • Employee Benefits Liability
    • Trust Liability including Master Trust Programs
    • Environmental Liability
  • Property
    • Buildings
    • Contents
    • Business Income and Extra Expense
    • Flood & Earthquake
  • Collateral Security
    • Mortgage Impairment
    • Blanket Mortgage Hazard
    • Lenders Single Interest
    • Foreclosed and Force Placed Property
    • Flood & Earthquake
  • Financial Institution Bond
  • Miscellaneous Bonds, including STAMP, Permit, and Lost Instruments
  • Workers Compensation
  • Group Benefits including Life, Health, Dental, and Vision
  • Other Insurance coverages
    • Kidnap, Ransom, Extortion
    • Crisis Response
    • Business Auto

Consulting Services

We provide insurance consulting services and advise our clients on all aspects of risk management. These services can include coverage analysis, policy structure review, peer benchmarking, loss analysis, risk forecasting for emerging exposures, contract reviews, property valuation, employee manuals, and company meetings with underwriters, claims adjusters, and risk engineers. We can also assist with group captive formation as part of an enterprise risk management program.

Consulting services are included at no charge if a client engages us as their insurance agent. However, independent consulting services can be provided for a fee. In such engagements, we act on our client’s behalf as risk managers to ensure maximum value is received from the insurance package provided by their existing insurance agent.

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Tech, Checks, and Balances

Today’s clients demand more from their financial institutions. They want access to real-time account information, anytime, anywhere. They want to deposit checks without visiting the bank’s location, to transfer funds without needing to call, to pay bills online, and to apply for a loan during non-business hours, at home, from their mobile device. And banks all across America are delivering.

Bankers Insurance can ensure your financial institutions insurance package covers not only physical assets and traditional liabilities, but also new and emerging threats associated with fintech. Whatever your bank’s operations, whether they include website banking, online lending, mobile apps, bill pay, or peer-to-peer payment solutions, we can ensure you have the protection needed.

Financial institutions insurance cyber liability, a young lady smiles as she takes a photo of her check, utilizing mobile deposit.

Financial Institutions Insurance Coverages


Liability

Financial institutions insurance liability, board of directors at business meeting in modern conference room as seen through glass doors.

Liabilities for financial institutions are broad ranging. The nuances of insurance for banks can be challenging. Through our decades of experience, we have seen a broad spectrum of liability claims. Let us help you stand protected in all scenarios. Common liabilities arise from the bank premises, professional errors and omissions, the board of directors, employees, and modern hacks/scams. Protections can include:


Property

Insurance for banks property, exterior view of large financial institution building with bank sign across top.

Brick and mortar locations represent a large investment and a primary source of income. Each bank should draft a disaster plan and determine which risks should be covered by their financial institutions insurance package. It should consider how business income will be affected in the event any location be destroyed. While the building is rebuilt, income may suffer and some clients may  leave permanently if restoration is prolonged. Protect your investment with insurance for banks that includes:

  • Buildings
  • Contents
  • Business Income and Extra Expense. Check out our Business Income Calculator to help determine how much protection you need.
  • Flood & Earthquake

Collateral Security

Insurance for banks collateral security, young couple speaks with loan officer at a financial institution.

Ensure the collateral promised to your institution is available when needed. Collateral security is an integral part of financial institutions insurance. We offer protection for foreclosed and forced placed properties at industry-leading rates. We can also ensure mortgaged interests are covered as well as streamlining the process of ensuring collateral protection is in place for autos, mobile homes, motorcycles, personal property, recreational vehicles, and watercraft. Let us help your business run efficiently and profitably.

  • Mortgage Impairment
  • Blanket Mortgage Hazard
  • Foreclosed & Forced Placed
    • Property
    • Liability
    • Flood & Earthquake
  • Lenders Single Interest

Financial Institution Bond

Financial institutions insurance bond, bank client on laptop and referencing cell phone, overlaid with network of icons demonstrating bank services.

Protect deposits and the entire firm against a variety of dishonest acts, internal and external. With attacks continuing to rise such as social engineering, jackpotting, card skimming, or even traditional robbery, threats are real and emerging. These protections are a consideration for any packaged insurance for banks.

  • Employee Fidelity
  • Robbery, Burglary, Misplacement
    • On premises
    • Off premises
    • In transit
  • Forgery or alteration
  • Securities and Signature Guarantees
  • Counterfeit money
  • Fraudulent mortgages
  • Computer systems fraud
  • Fraudulent transfer instructions
  • Destruction of data by hacker or virus
  • Liability of Depository
  • Loss of Customer’s Property
  • Automated Mechanical Devices
  • Transit Cash Letters
  • Unauthorized Signatures
  • Check Kiting Fraud
  • Debit Card Fraud
  • Kidnap and Ransom
  • Property and Cyber Extortion
  • Stop Payment Liability
  • Claims and Audit Expenses
  • Security Breach Expenses
  • Electronic Business Income Loss
  • Rewards
  • Payments for Injury or Death (result of larceny, theft, robbery, etc.)
  • Employee Retirement Income Security Act (ERISA) coverage

Other Available Insurance Coverages

Financial institutions insurance liability, a stack of coins overlaid with a cityscape and graph.

Many other optional protections are a part of our financial institutions insurance program.

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