Financial Institution Insurance Policies

Financial Institution Bond:
Provides required fidelity coverages. It is the major crime policy for the bank. Optional coverage available including electronic or computer systems, extortion or kidnap/ransom. 

Directors & Officers Policy:
Provides liability protection for directors and officers including coverage for the financial institution (entity). 

Employment Practices Liability Policy:
Available as an endorsement to the directors and officers policy or as a separate policy. 

Internet Banking Liability Policy:
Provides broad form liability coverage for the bank and its directors, officers and employees for defined losses from Internet/electronic banking activities. 

Combination Safe Depository Policy:
Protects against loss of customer property and resulting liability. 

Financial Institution Package Policy:
Protects bank-owned buildings, business personal property; and provides coverage for bodily injury and property damage liability against claims brought by customers of the public. 

Commercial Automobile Policy:
Provides coverage for liability and physical damage to owned, non-owned and repossessed automobiles. 

Workers Compensation Policy:
Provides statutory medical and disability benefits to all employees and protects the financial institution against employer liability claims. 

Umbrella/Commercial Catastrophe Liability Policy:
Provides excess liability protection on top of primary commercial general liability, employee benefits liability, commercial automobile liability and employers liability coverage. 

Mortgage Protection/Impairment (E&O) Policy:
Protects the financial institution against mortgage lending errors and omissions. 

Foreclosed Property and Liability:
Provides property and liability coverage for foreclosed locations. 

Ancillary Coverage Lines
Including excess and surplus lines coverages. 

PMI Captive (Private Mortgage Insurance)
Michigan Bankers Reinsurance Companyu. A Vermont domiciled association reinsurance captive that provides for investing member banks to be shareholders where MGIC cedes 25 percent of all premium dollars into the captive’s trust account on behalf of the writing bank. Dividends are paid to each shareholder based on only their own premiums. One share per bank may be purchased by MBA member banks for a $4,000 investment.