Banks, mortgages companies, credit unions, savings and loan groups, investment consultants, private equity firms, and other financial institutions have a considerably high theft and trust risk. Due to this, as well as the ever-increasing new regulations, co-related specialty insurance is so important.
Individual exposures are based upon the following:
- Balance sheets
- Services presented to clients
- Contract agreements
- Regulatory obligations
Insurance underwriters must scrupulously analyze the risks to define which exposures need to be covered and which may be minimized or self-insured.
Insurance providers use deductibles to efficiently cover sizable cash and securities risks and concentrate on genuinely catastrophic exposures.
The following are among the chief specialized coverages:
- Financial institution bonds
- Errors and omissions insurance for trust department functions
- Lenders’ single interest for auto and vehicle financing
- Mortgage errors and omissions
- Financial advisers’ errors and omissions
- Directors’ and Officers’ liability
Speaking with an experienced independent agent that has an affiliated network of the leading companies will help the financial organization understand and focus on individual insurance-related needs.
PRIME Insurance is an experienced family-run independent agency that does direct business with more than 40 of the leading companies. We partner with the big insurance names, like ACE, ASI, ASSURANT, CHUBB, FOREMOST, Great American Insurance Group, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more to present you with customized coverage at competitively lowest quotes.
PRIME Insurance provides all forms of coverage throughout NJ, NY, PA, FL, CA, TX and other US states, including travel, auto, commercial umbrella, flood, renters, property, homeowners, bonds, workers comp, life insurance and more. We invite to you to HAVE A PRIME DAY™ by visiting us on our online insurance website; or by contacting us at PRIME [at] primeins [dot] com or 732-400-5242!
Summary: The broad range of financial institutions professionals need specialized insurance coverage as outlined here.