Banks and financial institutions have unique insurance needs.
Whether you operate a bank, savings and loan, credit union, household finance or mortgage company, you need to protect your organization’s own assets to ensure that you remain open for business. Your clients depend on you for services such as mortgages and other loans, night depositories, checking and savings accounts and ATMs.
A financial company’s assets go beyond traditional assets such as buildings and contents. Your insurance coverage should be tailored to include unique exposures you may have, such as:
- Broad coverage for damage to special property such as bulletproof glass, night depositories, vaults and ATMs
- Protection for your interest in a mortgaged property in the event it is damaged or destroyed and the borrower’s coverage is inadequate or has lapsed
- Coverage for dwellings and other properties acquired in foreclosure, assuring that coverage is adequate despite the possibility of the property being vacant
- Your interest in other collateral property such as autos, RVs and boats that are damaged or destroyed where there is an error or omission in procuring or maintaining physical damage coverage on those items
- Both liability and physical damage protection for autos that are repossessed
Ask your insurance agent to place your policy with a carrier that provides broad coverage for common exposures of financial companies. Your assets should be as safe and secure as your clients’.
Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy or contact your independent agent.
Cincinnati Insurance Company Blog: Cincinnati Insurance Company