Bank Insurance Program
At CBIZ, we understand that since 2008 banking has faced a "perfect storm" of financial challenges, including the housing market collapse, expanded regulatory enforcement and the financial stress of eroding margins. These events have had a direct impact on the bank insurance market, often resulting in coverage and limit reductions and premium increases.
Specialists Who Truly Understand Your Bank's Challenges and Risks
When you partner with CBIZ's unparalleled team of professionals, you benefit from a unique combination of expertise - ex-bankers with nearly 70 years of banking experience and bank insurance specialists with over 20 years of experience insuring all sizes of financial institutions. This unique combination of banking experience and insurance expertise allows CBIZ to approach the process of insuring banks more effectively than any other agency or agent.
We offer:
- An impressive list of 30 Bank Insurance Company partners competing in Bank D&O/Bond Policies
- 10 additional Bank Insurance Companies competing in Bank Property/Liability Insurance
- Bank property expertise with an emphasis on OREO and Forced Placed
- Cyber insurance specialists, working with the leading cyber insurance carriers, offering Third Party Liability and First Party Expense options
- Professional Liability, including Directors and Officers, Banker's Professional, Lender Liability, Fiduciary, Employment Practices & Cyber Liability
- Banker's Crime Bond
- Package, including Bank Property, General Liability & Auto
- Worker's Comp
- Mortgage E & O & Mortgage Impairment
- Bank-Owned Life Insurance (BOLI)
Our Exclusive Process for Banks
Free Proprietary Policy Analysis
Our proprietary, comprehensive Policy Analysis incorporates a review of all language in the bank's current policies - not just a review of endorsements. Language embedded within a policy can expose a bank to under-insured or uninsured risk, so we carefully review this language with an emphasis on inclusions, exclusions and definitions. Banking industry benchmarks are applied, and insurance industry terminology guides are assessed to examine for implied results, contingencies and dependencies.
Bank Analysis Report
Typically 60 days before renewal, we develop an overview of your business plan which addresses any current challenges upfront. This is then provided to each insurance company underwriter along with requirements for specific coverages, limits, retentions and premiums.
Conference Call
Generally 45 days prior to renewal, we host a conference call between your Senior Management and multiple insurance company underwriters who want to compete for your business. The call is directed by one of our team members with deep experience in the banking industry.
Presentation
We present renewal options to your Senior Management 30 days in advance of your policy expiration date. This timing allows Senior Management to make their recommendations to the Board in advance of the renewal.
Ongoing Support
Our team is available for Board presentations and questions. our bank customer service team is the best in the industry and eager to help with claims, changes and questions.