Insurance for Banks
Insurance that protects management
- Cyber security/phishing
- Wrongful acts committed by directors and officers
- Failure to perform professional services
- Employment allegations
- Dishonest acts by bank employees
- Breach of fiduciary duties
- Lack of borrower’s insurance on mortgaged property
Furthermore, banks are not static. Exposures change quickly, especially on the technological front, and too often banks find their coverage might not have kept pace with their changing exposures or with available coverage. The Spofford Group will work with you to determine the optimal coverage for your bank. Topics such as electronic transfer of funds, network and information security, regulatory exposures, and professional services performed will be discussed with you, so we can analyze potential exposures and craft coverages that address your bank’s unique requirements. Scope of coverage can vary widely from policy to policy, so it’s important that you obtain expert advice concerning your specific circumstances. In general, we recommend that banks include the following coverages:
To discuss your Bank’s specific needs, please call (781) 740-8990 or contact us here.