32 NOVEMBER / DECEMBER 2017 PRODUCTS & SERVICES Bank Insurance Offerings Bank-owned and banker directed Article author Rod Lasley Vice President - Products & Services Indiana Bankers Association rlasley@indianabankers.org @rodlasley ABA Insurance Services is the IBA Preferred Service Provider for D&O, cyber and bond insurance. Co-endorsed by the American Bankers Association, this bank-owned and banker-directed program has been a long-term, reliable and stable source of insurance for banks for more than 30 years. Over 1,500 financial institutions countrywide are insured through the program, with one in four Indiana banks choosing ABA Insurance Services for their coverage. The company is recognized as an expert in insurance matters, with a tenured team of underwriting and claims professionals – many with banking backgrounds – highly regarded for their in-depth knowledge, expertise and understanding of banking operations. As the only professional lines program in the marketplace that offers a distribution, the program’s reinsurer, American Bankers Mutual Insurance Ltd., has declared distributions to participating banks for 27 consecutive years, totaling $82 million to date. In 2017, a total of 21 Indiana banks shared nearly $29,500, for an average distribution of $1,400. As the banking industry continually moves forward to meet the needs of communities, ABA Insurance Services understands that insurance also must evolve to meet the needs of bankers – both for today and tomorrow. In fact, the ABA is rolling out a D&O policy which includes features relevant to the banking industry, such as: • Broadened coverage for directors and officers, including a non-rescindable Side-A; • Reputational expense coverage; • Whistleblower coverage; • Retention reduction endorsement; and • Fiduciary penalties coverage, including HIPAA and Affordable Care Act penalties, to name a few. Additionally, qualifying banks* are eligible for: • Variable separate Side-A limit options; • Employment practices third-party discrimination coverage; • Employment practices workplace violence coverage; • Unlimited extended reporting period for retired or resigned directors and officers; • D&O extradition, deportation and asset seizure coverage; and • Pre-claim investigatory cost coverage. In addition to D&O Liability, ABA Insurance Services provides a wide range of insurance products specifically for banks, including cyber liability, financial institution bond, employment practices liability, bankers professional/lender liability, trust services liability and STAMP surety bonds. By choosing ABA Insurance Services for your bank’s coverage, you support the Indiana Bankers Association. For more information about ABA Insurance Services and the programs it offers, please contact ABA Insurance Services’ Richard Flenner at 800-274-5222, rflenner@abais.com, or contact Rod Lasley at 317-3879380, rlasley@indianabankers.org. HB * Subject to underwriting guidelines and availability. Limits may be capped for underwriting reasons.
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