INDEPENDENT INSURANCE AGENTS OF TEXAS - PowerPoint PPT Presentation

1 / 23
About This Presentation
Title:

INDEPENDENT INSURANCE AGENTS OF TEXAS

Description:

For both lender liability and professional services liability protection, ... Includes direct physical loss or damage to the bank's computer hardware, ... – PowerPoint PPT presentation

Number of Views:24
Avg rating:3.0/5.0
Slides: 24
Provided by: MCHO7
Category:

less

Transcript and Presenter's Notes

Title: INDEPENDENT INSURANCE AGENTS OF TEXAS


1
INDEPENDENT INSURANCE AGENTS OF TEXAS
  • St. Paul Travelers
  • Marketing Community Banks
  • July 7, 2005

2
Marketing Community BanksAgenda
  • St. Paul Travelers
  • Key member benefits
  • SelectOne
  • Approach
  • Support

3
St. Paul TravelersA company with staying power
  • Stability, beginning with our formation in 1853
  • Expertise in protecting financial institutions
    since we started offering coverage to this market
    in 1890
  • Second largest commercial property-casualty
    insurer in the United States
  • Strong claims-paying reputation, demonstrated
    through consistently high ratings from
    independent rating services

4
St. Paul TravelersKey member benefits
  • Our products are endorsed by the ICBA, ACB, and
    Big I Markets.
  • ICBA group purchasing power with program
    incentives that support community banks.
  • Educational resources, such as insightful
    loss-control articles and publications.
  • One of the largest networks of independent
    insurance agents, offering easy access to these
    programs.
  • Insuring one-third of all community banks in the
    United States.

5
St. Paul TravelersSelectOne
  • A branded product offering an extensive selection
    of products to cover many risks that community
    banks might face.
  • Designed to address the most recent trends in
    community banking and offers a simplified
    approach to establishing a wide range of
    protection.
  • Helps to reduce potential gaps and overlaps in
    coverage.

6
St. Paul TravelersSelectOne A solution for
protection
  • Directors and officers liability
  • Employment practices liability
  • Bankers professional liability
  • Trust errors and omissions
  • Fiduciary liability
  • Financial Institution Bond
  • Kidnap and ransom
  • Computer theft
  • E-commerce extortion threats
  • Internet liability
  • Computer property
  • Property/casualty products
  • Surety
  • Identity theft

7
Corporate ManagementDirectors and Officers
Liability
  • Provides personal asset protection for directors
    and officers, including an automatic additional
    1 million in limits that cannot be eroded by
    payments already made to the bank for its
    indemnification obligations or its own liability,
    or by payments under any other insuring agreement
    of the policy
  • Coverage for non-officer employees.

8
Corporate ManagementEmployment Practices
Liability
  • Includes protection for an extensive array of
    employment practices acts.
  • Can be tailored to include directors, officers,
    employees, leased employees and the bank itself.

9
Corporate ManagementBankers Professional
Liability
  • For both lender liability and professional
    services liability protection, coverage extends
    to the bank, its directors, officers and
    employees.
  • An expanded definition of lending acts applies,
    including loan servicing when the bank has an
    ownership interest in the loan.
  • For professional services liability, the
    professional services offered need not be
    scheduled and the coverage applies to a wide
    range of professional services.

10
Corporate ManagementTrust Errors and Omissions
  • All trust liability protection is under one
    policy, with coverage extending to the bank, its
    directors, officers and employees.
  • Applies to a wide range of trust acts, including
    executor, administrator or personal
    representative of estates, administrator of
    guardianships, manager of personal property.
  • Includes coverage for the bank as trustee of any
    IRA or Keogh account.

11
Corporate ManagementFiduciary Liability
  • Extends to the bank, the plans, directors and
    officers of the bank, and any natural person
    trustee, director or officer of any
    bank-sponsored plan.
  • Enhanced definition of covered plans, including
    plans not subject to Title 1 of ERISA. ESOPs
    have to be named.

12
CrimeFinancial Institution Bond
  • Written with no annual aggregate limit of
    liability when the single limit of liability is
    10 million or less.
  • Property of customers and employees is covered
    during on-premises holdups and robberies without
    regard to the banks legal liability for the
    property.

13
CrimeKidnap and Ransom
  • Applies to losses from ransom, loss in transit of
    ransom, fees for crisis response firm services,
    rest and rehabilitation, legal liability,
    additional expenses, and personal accidents.
  • Includes an expanded definition of covered
    persons, such as immediate family, stepchildren
    and adopted children, as well as guest.

14
E-businessComputer Theft
  • In the Financial Institution Bond, includes
    restoration costs for electronic information
    intentionally damaged or destroyed by employees.
  • Also includes losses resulting from computer
    theft.
  • Restoration costs are included for electronic
    computer instructions prepared or modified by a
    virus or hacker attack.

15
E-businessE-commerce Extortion Threats
  • Covers threats by natural persons who are not
    employees of the bank.
  • Applies to crisis-response firm fees.
  • Includes expenses incurred to investigate and
    mitigate e-commerce extortion threats.

16
E-businessInternet Liability
  • Failure to protect customers confidential
    information from unauthorized access on or
    through the Internet.
  • Failure to prevent transmission of a computer
    virus to customers.
  • Failure to provide Internet access to customers
    (by endorsement).

17
E-businessComputer Property Protection
  • Includes direct physical loss or damage to the
    banks computer hardware, portable computer
    hardware and software, including both purchased
    and custom-built programs and data.
  • Loss resulting from intentional attacks by
    computer hackers or computer viruses directed at
    the banks system.

18
Property and Casualty
  • General liability
  • Auto liability
  • Workers compensation
  • Property
  • Foreclosed properties
  • Trust properties
  • Mail
  • Repossessed auto and equipment
  • Mortgage holders errors and omissions or
    impairment

19
St. Paul TravelersThe right choice for banks
  • Dedicated underwriters who understand the
    complexities of banking and the exposures they
    face.
  • Skilled claim specialists offering convenient
    claim reporting 24 hours a day, 365 days a year.
  • Local presence in the region.
  • Currently insure 40 of ACB ICBA member banks
    in Texas.

20
Marketing Community BanksThe Approach
  • Relationships.
  • Knowledge of the products.
  • Direct writer vs. standard company.
  • Be a consultant make recommendations.
  • Pre-approved accounts.

21
Marketing Community BanksSupport
  • Underwriting Kesha Patel 105 Decker
    Court Suite 1100 Irving, TX
    75062 800-792-8758 Toll 972-374-4895
    Tel. 972-374-4896 Fax KPATEL_at_stpaultravel
    ers.com

22
Marketing Community BanksSupport Cont.
  • Claims Irving Office 800-792-8758
    Richardson Office 800-446-1579

23
QUESTIONS?
  • Thank you for your time today!
Write a Comment
User Comments (0)
About PowerShow.com