Pub. 11 2021 Issue 2

15 PUB. 11 2021 ISSUE 2 Even though regulators require FI bond crime insurance coverage, ATM coverage is not mandatory. It can be added to the bond and P&C policy as an endorsement, even if the machine is not located on the premises. Without it, an ATM theft wouldn’t be a covered event. Insurance carriers such as Travelers have products and resources available, so banks and credit unions have coverage when a crime occurs. According to a recent article from The Wall Street Journal, the number of attempted ATM smash-and-grabs increased by 150% from 2019 to 2020. Now is the time to ensure your bank has done everything possible to protect against this type of incident. To learn more, have a conversation with your insurance broker or agent, or reach out to an insurance carrier. w Travelers is committed to managing and mitigating risks and exposures, and does so backed by financial stability and a dedicated team — from underwriters to claim professionals — whose mission is to insure and protect a company’s assets. For more information, visit travelers.com or talk to your independent insurance agent about social engineering coverage. According to a recent article from The Wall Street Journal, the number of attempted ATM smash-and-grabs increased by 150% from 2019 to 2020. Now is the time to ensure your bank has done everything possible to protect against this type of incident. To learn more, have a conversation with your insurance broker or agent, or reach out to an insurance carrier. B A N K E R S ’ B A N K • O F T H E W E S T • WHERE COMMUNITY BANKS BANK PATTY PINSON ppinson@bbwest.com PAUL HARRISON pharrison@bbwest.com WE CHAMPION COMMUNITY BANKING. 800-872-4733 | bbwest.com CORRESPONDENT SOLUTIONS • Loan participations and bank stock loans • ATM/debit & merchant processing programs • Operations services and settlement • Cash management and online portal • Safekeeping