Posts filed under ‘ABA Insurance Services’
The Association is pleased to announce that beginning in the fall our endorsed partner ABA Insurance Services, formerly The Progressive Insurance Company, will begin offering a new inexpensive, easy to apply for Employment Practices Liability (EPL) Insurance product that includes legal consultation and defense costs. This alone is a huge plus to banks offering this policy to their small business customers either through their own insurance agency, a partnering agency or by referral thereby reaping the customer’s goodwill.
Today, more businesses are being hit with employment lawsuits. Your customers are more likely to have an employment claim than a general liability claim. Claims can be brought by employees, job applicants, customers or clients alleging harassment, discrimination or other allegations against your customer.
In an effort to inform as many of our members as possible about this excellent affordably priced policy, we are conducting a free, 45 minute webinar on Friday, September 9, 2011, beginning at 9:00 a.m. We will explain the policy details and how your customers can take advantage of its benefits either through your insurance agency or one with which you may have a relationship. To sign up for the free webinar email your contact information to Annie Coldstream.
This is a policy that your small business customers will be happy they purchased.
Peter T. Blanchard
Executive Director, Education Management and Member Services
Social Networking Coverage Enhancement to be included in Internet Banking Liability Policies.
When Internet/Cyber liability policies were introduced in the late 1990s, email was the primary e-communication tool at the time. It was not until recent years that online forums such as Facebook, Twitter and LinkedIn exploded onto the scene, becoming key components of advertising and communication efforts of many banks.
Due to the evolution of cyberspace and technology, not all Internet policies address the newly emerging exposures associated with “social media” and “social networking.
”Banks are venturing down this path to market their products and communicate in “real time” with customers. To address this newly emerging exposure, we are pleased to announce our NEW Social Networking Endorsement available at no additional charge to our Internet Banking Liability policy.
The new endorsement covers claims made by or on behalf of customers or regulatory agencies. It also includes coverage for Regulatory Correction Expenses such as regulatory fines or fees incurred as a result of a bank’s social networking activities.
The endorsement will automatically be added to existing Internet Banking Liability policies upon receipt of state approvals.
To learn more, contact ABA Insurance Services at 800-274-5222 or firstname.lastname@example.org.
To view the entire ABA Insurance Services SafeTalk newsletter for March 2011, click on the link SafeTalk.Mar2011.
– 21st distribution from American Bankers Mutual Insurance Ltd. Tops $75.5 Million Since 1991 –
February 21, 2011 — Massachusetts banks that purchase D&O and fidelity bond insurance from the ABA Insurance Program and are members of the American Bankers Association will share $288,079 in profit distributions this year from the program’s reinsurer, American Bankers Mutual Insurance Ltd, which has declared a distribution of $4 million in underwriting profits to 995 banks nationwide that participate in the program. Insured banks that are members of the American Bankers Association are automatically owners of the company.
This is the program’s 21st consecutive profit-sharing distribution—$75,500,000 has been declared since the first distribution in 1991 based on the mutual program’s success and profitability. The total distributed to Massachusetts banks is nearly $3,000,000. Participating banks nationwide will receive checks this year ranging up to $51,000 with $4,000 being the average amount.
The program offers Directors & Officers Liability, Financial Institution Bond, Internet banking liability, Employment Practices Liability and other related insurance products to community banks.
“ABA member insureds benefit directly from the innovative policies and profitability of ABA Insurance Services,” said Frank Keating, ABA president and CEO. “They can have confidence that this bank-owned mutual company is financially strong and committed to serving the community bank market.”
“Once again, our bank-owned company has distributed profits directly back to participating ABA member banks,” commented John Manor, chairman of American Bankers Mutual Insurance Ltd. “The company’s financial strength and prudent management have enabled us to continue paying distributions, extend superior customer service and deliver a stable source of state-of-the-art coverage.”
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at aba.com.American Bankers Mutual Insurance Ltd. is a bank-owned, mutual insurance company that reinsures coverages for ABA Insurance Services.
For over twenty years the Association has endorsed D&O and Bond Insurance through the American Bankers Association (ABA) Sponsored Insurance Program, underwritten by Progressive, now known as ABA Insurance Services*. With the recent buyout of the program, we became aware through the ABA Insurance Services of an employment practices liability (EPL) insurance program for small commercial businesses. This program provides a small commercial business with employment practices liability coverage at favorable rates, no set minimum premium, direct billing, low retentions, free legal services and options for defense outside of limits and third-party coverage. It offers an improved coverage solution over EPL endorsements to a BOP or GL and can be applied for online. This product is not available anywhere at these low program rates.
We want to gauge your interest in offering such a product to your small business and commercial account customers, either through your bank-owned agency, your insurance agency of record or simply informing your customers of its availability and directing them to the online web address. Banks with their own agency would receive income through the normal sales and commission process, while banks without an agency may want to simply make their commercial customers aware of this valuable insurance product and service to use as a low-cost effective alternative to any similar type of insurance coverage that they might be currently using.
We are in the process of working out the details, but are most interested in determining your interest in this product. Details can be found here for your review. Please note that ABA Insurance Services is working to amend the policy to include doctors, dentists and law firms.
Please answer a few questions found here. Thanks again for all your help.
Peter T. Blanchard
Executive Director, Education Management and Member Services
Telephone: (617) 523-7595
Fax. (617) 523-6373
*ABA Insurance Services is owned by American Bankers Mutual Insurance Ltd. (formerly known as American Bankers Professional and Fidelity Insurance Company), a mutual reinsurer owned and directed by ABA member banks.
Total declaration amount of $75,500,000 since 1991.
One of the unique features of working with ABA Insurance Services is the opportunity to participate in a profit-sharing distribution program from our mutual reinsurer, American Bankers Mutual Insurance Ltd. MBA/ABA member banks that purchase coverage through ABA Insurance Services are automatically eligible to participate in the program. Once again, American Bankers Mutual Insurance is proud to announce that it will distribute $4,000,000 in underwriting profits this year to banks across the country. American Bankers Mutual Insurance has declared $75,500,000 in distributions to eligible member banks since 1991.
“This marks the 21st consecutive year that the reinsurance company has distributed profits directly back to our member banks,” said John Manor, chairman of American Bankers Mutual Insurance Ltd. “This is a major achievement that is a source of pride for our company and a valuable benefit for ABA members.”
Customers receiving profit-sharing distribution checks will receive notification of the amount that their bank is receiving via fax in February. Checks will be distributed throughout March. Bankers attending the ABA National Conference for Community Bankers in February will be able to pick up their bank’s check at the ABA Insurance Services’ booth in front of CAB Avenue in the program exhibit hall.
For more information regarding this unique and rewarding feature of the MBA/ABA Insurance Services program, please feel free to contact us at 1-800-274-5222 or email@example.com.
To view the entire ABA Insurance Services SafeTalk newsletter for January 2011, click here
Total Distribution Tops $71.5 Million Since 1991
February 22, 2010 — 50 Massachusetts banks that purchase D&O and fidelity bond insurance from the ABA Insurance Program will share $277,296 in profit distributions this year from the program’s reinsurer, American Bankers Mutual Insurance Ltd. Insured banks that are ABA members are automatically members of the company.
This year, American Bankers Mutual Insurance has declared a distribution of $4 million in underwriting profits to 1,012 banks nationwide that participate in the program.
This is the program’s 20th consecutive profit-sharing distribution—$71,500,000 has been declared since the first distribution in 1991 based on the mutual program’s success and profitability. The total distributed to Massachusetts banks is nearly $2,680,000.
Participating banks nationwide will receive checks this year ranging up to $50,000 with $3,900 being the average amount.
The program offers directors & officers liability, financial institution bond, internet banking liability, employment practices liability and other related insurance products to community banks.
“Especially during these challenging economic times, we’re pleased to once again offer profit distributions back to our members through this well-established insurance program,” said Edward L. Yingling, ABA president and CEO. “Designed and directed by bankers, ABA Insurance Services continues to provide reliable and innovative insurance policies to address increasingly complex insurance needs of community banks.”
“Our program is the only one of its kind that distributes profits directly to member banks,” said John Manor, chairman of American Bankers Mutual Insurance Ltd. “True to the mutual concept, insured ABA members benefit from the company’s profitability as well as the vital insurance protection we offer. That is a major achievement that is a source of pride for our company and a valuable benefit for ABA members.”
American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation’s banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.
American Bankers Mutual Insurance Ltd. is a bank-owned, mutual insurance company that reinsures coverages for ABA Insurance Services for nearly 1,700 community bank institutions.
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Michael Read, ABA Insurance Services, Inc.
John Hall, American Bankers Association