Jeffrey Wade
The American Bankers Association (ABA) Insurance Services is a Bermuda-based reinsurer that offers a range of insurance products and services to banks and financial institutions. ABA Insurance Services has been in business for over 35 years and provides a stable and reliable source of insurance for banks of all sizes. The company offers various types of insurance, including professional liability insurance, financial institution bonds, property and casualty insurance, and more. ABA members engaged in insurance underwriting or brokerage operations are represented before Congress and states by the ABA Office of Insurance Advocacy (OIA). The ABA also offers resources and training opportunities to help banks stay informed and make effective decisions regarding their insurance needs.
| Characteristics | Values |
|---|---|
| Name | American Bankers Insurance Company of Florida |
| Alias | Assurant |
| Contact Number | 800-423-4403 |
| Parent Company | American Bankers Association (ABA) |
| ABA Insurance Services | D&O, bond, cyber, P&C and Workers Comp insurance |
| ABA Insurance Services | Professional liability insurance, financial institution bonds, surety bonds, property and casualty insurance |
| ABA Insurance Services | Executive and professional liability insurance, financial institution bonds, property & casualty insurance, excess coverage |
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What You'll Learn
ABA Insurance Services
The company's team of seasoned underwriters understands the complex needs of banks and works with each institution to tailor an appropriate insurance program. This includes customized policy language and multi-layered programs when necessary. ABA Insurance Services also places an emphasis on loss control through the regular distribution of educational materials.
ABA members receive a 15% discount on their STAMP Surety Bond through ABA Insurance Services, with an additional 10% discount applied to three-year premium payments. The STAMP surety bond is required by the Securities Transfer Association and assures that a bank's guarantees will be immediately accepted for processing by transfer agents.
In addition to insurance products, ABA Insurance Services provides resources and training opportunities for banks to stay up-to-date on the ever-growing and evolving line of bank insurance business. This includes the 2021 Bank-Insurance Compliance Guide, which is available to both ABA members and non-members, and the ABA Office of Insurance Advocacy (OIA), which represents ABA members engaged in the business of insurance before Congress and the states.
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Compliance
The ABA's Insurance Services programme, backed by the Great American Insurance Group, provides various insurance products tailored to banks' unique needs. These include professional liability insurance, financial institution bonds, surety bonds, and property and casualty lines. ABA Insurance Services has a deep understanding of the risks faced by banks and offers customised insurance placements. They also assist in risk mitigation by providing resources such as newsletters, bulletins, and webinars.
The ABA also publishes a comprehensive 'Bank-Insurance Compliance Handbook', offering guidance on relevant federal and state laws, privacy and data protection, specialty insurance products, and the Bank Secrecy Act. This handbook helps bankers make informed decisions and stay compliant with the latest regulations.
Additionally, the ABA hosts a Risk and Compliance Conference, providing insights into mail fraud, drug trafficking threats, and other emerging issues. The ABA's Frontline Compliance Training is another valuable resource, offering online training modules to help bankers stay up-to-date with compliance requirements.
The ABA actively engages with state organisations and represents its members before Congress and the states through the Office of Insurance Advocacy (OIA). This ensures that the interests of the banking industry are considered in legislative decisions, and members are kept informed about policy areas, technology, and trends shaping the banking sector.
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Underwriting
The ABA underwriters work with banks of all sizes, from community banks to large, publicly traded institutions, regional banks, trust companies, and de novo banks. They also work with banks with market capitalizations of over $500 million. The underwriters tailor insurance programs to meet the specific needs of each institution, including customized policy language and multi-layered programs.
The ABA offers a range of insurance services to banks, including professional liability insurance, financial institution bonds, surety bonds, property and casualty insurance, and excess coverage. They also provide D&O, bond, cyber, and workers' compensation insurance. These services are designed to protect banks from traditional and evolving risks, ensuring long-term stability and reliability.
In addition to providing insurance, the ABA also represents its members engaged in underwriting, agency, or brokerage operations before Congress and the states through the Office of Insurance Advocacy (OIA). The ABA engages with various state organizations and works to support and defend the insurance powers acquired by financial institutions through legislation such as the Gramm-Leach-Bliley Act of 1999.
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Financial Institution Bonds
Banker's blanket bonds are purchased from insurance brokers and are designed to address a variety of risks faced by banks. These bonds are highly customizable, allowing financial institutions to negotiate coverage that aligns with their specific needs. The cost of these bonds depends on factors such as the type of company, the number of employees covered, and the desired amount of coverage.
One of the key features of financial institution bonds is their focus on protecting against direct financial loss. This includes losses arising from forgery, cyber fraud, physical loss or alteration of property, extortion, and employee misconduct for personal gain. The bonds do not cover unethical transactions intended to make the financial institution appear healthier.
Another important aspect of these bonds is their ability to provide coverage for cyber-related events. With the increasing prevalence of cybersecurity incidents, financial institution bonds have expanded to cover cyber-related losses, including extortion, ransomware, erroneous transfer, social engineering fraud, and computer fraud.
In conclusion, financial institution bonds are essential for financial institutions to safeguard their operations and assets. By providing customizable coverage against criminal activities, employee dishonesty, and cyber-related incidents, these bonds ensure that financial institutions can operate with greater peace of mind and protect their customers' interests.
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Professional Liability Insurance
PLI is important for businesses that provide professional advice and services, as it protects them when employees make mistakes or are alleged to have made mistakes in the services provided. This includes businesses such as accounting, architecture, and real estate. Some states legally require certain professionals, such as lawyers, to have PLI before they can do business. Additionally, clients might ask businesses to carry a specific amount of PLI as part of their contracts.
The cost of PLI varies depending on the business's unique characteristics, such as the product, chosen limits, and risk class or hazard group. Many insurance companies offer PLI on a claims-made basis, meaning it covers incidents that occur during the policy period, with an extended reporting period for claims filed after the policy expires. Businesses can also add a retroactive date to cover incidents that occurred before the policy began.
PLI is often paired with general liability insurance, which covers physical risks such as property damage or bodily injuries. General liability insurance could cover medical bills if a client, for example, slips and falls and injures themselves on the business's premises. PLI, on the other hand, covers more abstract concepts such as errors and omissions in the services provided.
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Frequently asked questions
AM Bankers Insurance, or ABA Insurance Services, is a member of the Great American Insurance Group. They provide insurance for banks of all sizes, including community banks, publicly traded institutions, and regional banks.
AM Bankers Insurance offers a range of insurance types, including executive and professional liability insurance, financial institution bonds, property and casualty insurance, and excess coverage. They also provide D&O, bond, cyber, P&C, and Workers Comp insurance.
AM Bankers Insurance caters to banks of all sizes, including community banks, publicly traded institutions, regional banks, trust companies, de novo banks, and those with market capitalizations over $500 million.
