Financial Institution Insurance
The FDIC doesn’t Cover Everything
Financial institutions like banks, credit unions, and insurance companies are the backbone of our nation’s economy. As such, they should be insured against unforeseen circumstances. While the FDIC does cover the loss of your customer’s money up to $250,000, they do not insure you in case of property damage, loss of inventory, employees injured on the job, or impending lawsuits and legal disputes. That’s where financial institution insurance comes in. Financial institution policies protect your establishment in the event of emergencies to ensure that things continue to function efficiently. At Sure Trust, our team of brokers will assist you finding a form of coverage that fits within your institution’s budget. Ensure that your financial institution is covered the right way. Contact us today!
Financial Institution Insurance Includes:
Banker Professional Liability
Bankers are bound to make mistakes from time to time. When that occurs that you’re insured with the help of banker professional liability coverage. This covers in the event of a legal dispute as result of a banker’s error or negligence.
Management & Corporate Liability
This policy involves covering the cost of lawsuits, legal fees, and settlement costs in the event of a legal dispute as a result of management or corporate negligence. This prevents the need to pay out of pocket expenses.
Investment Management Liability
Do you manage a client’s investments and capital? In the event that a mistake, negligence, or error results in the loss of a client’s investment, this policy will help cover the cost of reimbursing them.
Insurance Company Error
On certain occasions an error on the insurance company’s part can result in the loss of coverage for a customer under policy. If this occurs, insurance company error insurance will assist in providing the money necessary for the continuation of coverage.
In the event that a policyholder loses coverage or money due to the fraudulent or malicious acts of an employee, fidelity bonds will insure any of their losses.
Fiduciary Liability Insurance
If your fiduciary is held liable for the loss of your benefit plan, this policy will provide coverage until the matter is resolved.
For additional questions don’t hesitate to speak with a Sure Trust Insurance Professional today!