28 SEPTEMBER / OCTOBER 2020 Insurance Options Tailored to Banks Through IBA Insurance Solutions PSP SHOWCASE Banking has always been a complicated industry. It was challenging enough in past years – with red tape, fine print and a constant stream of new legislation and regulations – but it became much more difficult this year with the COVID-19 crisis. Now more than ever, you don’t need for insurance to be an added burden. Thankfully, in the area of insurance there is a solution: IBA Insurance Solutions. Formed in the spring of 2019 as a subsidiary agency of the Indiana Bankers Association, IBA Insurance Solutions provides IBA-member banks with a complete line of insurance products and expertise targeted to the wide-ranging needs of the Indiana banking community. Our professional advisers are committed to finding innovative ways to negotiate more comprehensive coverage terms and better pricing than was previously available to IBA members. Everyone on our team specializes exclusively in the insurance needs of banks, with offerings custom-tailored to meet your needs. IBA Insurance Solutions works in partnership with KenBanc Insurance Services, which serves more than 140 banks in seven states, offering assistance in the areas of property/casualty, professional lines, collateral protection, fee income programs and employee benefits. Our team has more than 40 years of collective experience. We invite you as an IBA member to a complimentary due diligence review of your current carriers of bankrelated insurance. During this analysis, we will be looking for both gaps and overlaps in your various policies. Additionally, because we understand the impact of compliance to the banking industry, we can advise on the compliance risk of your current insurance programs. The next step in the review is to utilize peer analysis and benchmarking to make coverage recommendations, presented to you as a comprehensive due diligence review of all your current carriers and providers of insurance and other products. The process culminates by sharing information with you about which products and services could benefit your institution, if applicable. IBA Insurance Solutions provides a full line of offerings specific to banks in the following areas: • Property and casualty – director, officers and company liability; financial institution bond; cyber liability; excess deposit bonds; civil money penalties; • Collateral protection – blanket mortgage protection; master property and liability; lenders single interest (VSI); lenders performance bond; • Fee income – Vive (profitable term life insurance); mortgage life/term life; GAP; credit life insurance program; and • BOLI/executive benefits. In all of these areas, our team provides value-added benefits such as dedicated client service professionals to address all of your questions and concerns. We are proud of our outstanding customer service, as evidenced by glowing testimonials on our website at inbankersins.com. It has been a little over a year since IBA Insurance Solutions was formed, and in that time we have helped over a dozen Indiana banks with their insurance needs. We’re eager to assist you, too. For more information, contact Chuck Maggard at cmaggard@inbankersins.com or 317-489-6928; Brandon Maggard at bmaggard@inbankersins.com or 317-489-6929; or Rod Lasley at the IBA offices at 317387-9380, rlasley@indiana.bank. HB Chuck Maggard Title President/CEO IBA Insurance Solutions cmaggard@inbankersins.com Brandon Maggard FI Specialist Insurance Solutions bmaggard@inbankersins.com IBA Insurance Solutions is a Preferred Service Provider and subsidiary of the Indiana Bankers Association.
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