Insurance for Financial Institutions
Safeguarding your financial institution with professional coverage* protects the people and assets that matter most to your business.
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​Financial institutions of all types face unique risks in their daily operations due to comprehensive regulatory guidelines. They must have risk management protocols, information security strategies, and specialized liability insurance in place. Our team is here to find the insurance solutions you need to safeguard your bank, credit union, or other financial institution.
Professional Lines
Management Liability Insurance
Management Liability Insurance covers exposures faced by directors and officers that arise from management activities and decisions. Coverage is generally packaged and tailored for your financial institution. Coverage sections typically include:
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Directors and Officers (D&O) Liability
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Broad Form Company Liability
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Employment Practices Liability
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Fiduciary Liability Insurance
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Bankers/Lender Professional Liability
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Trust Department Liability
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Insurance Agent Liability
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Brokerage Services Liability
Kidnap, Ransom, & Extortion
Provides coverage for kidnap, ransom, and extortion events against directors, officers, and employees. This protects businesses and individuals from extended potential danger and financial losses if a kidnapping or a similar crisis event occurs.
Financial Institution Bond
Financial institution bond protects financial institutions against losses due to crime. This policy provides coverages against various types of crime including, but not limited to:
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Fidelity / Employee Dishonesty
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On Premises
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In Transit
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Counterfeit Money
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ATMs
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Check Forgery or Alteration
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Safe Deposit
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Social Engineering
Cyber Security
Cyber security insurance coverage helps protect your business from the costs related to cyberattacks. Coverage sections typically include:
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Third Party Liability including Cyber Liability, Network Liability, & Media Liability, Regulatory Liability
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First Party Expenses including breach response expenses, public relations expenses, network/business interruption expenses, cyber extortion/ransomware​
*CP Insurance Associates works with a variety of top quality insurance carriers to meet the needs of our clients. The above coverage descriptions may differ based on your selected insurance carrier and policy options. Please refer to your policy for coverage limitations.
Property & Casualty
Property Insurance
Property policies are offered to provide coverage for the financial institution’s buildings, whether owned or leased, and business personal property, business income, and extra expense.
Business Auto Insurance
Business auto insurance policy covers damage to vehicles owned, hired, repossessed, and non-owned by a company. Coverage options could extend to liability for injuries or property damage caused by those vehicles in accidents.
Umbrella Liability
An umbrella policy provides limits in excess of the underlying general liability, auto liability, employers liability to further protect the client’s assets.
Flood Insurance
Flood policies protect against rising water which is otherwise excluded from most business property policies.
General Liability
General liability policies provide coverage for events that occurred on property owned by the business. Liability claims typically covered by these policies include bodily injury, personal property damage, and loss of life.
Workers Compensation
A workers compensation insurance policy gives employees medical care, lost wages coverage, vocational rehabilitation, and other potential benefits when injuries, illness, or death happens on the job. Policy benefits may vary by state.
Real Estate Owned (REO) or Repossessed Property & Liability Insurance
Real Estate Owned (REO) or Repossessed Property Insurance provides coverage for properties that have been foreclosed upon and are now owned by a lender, protecting against risks such as damage, vandalism, and liability while the property is vacant or being sold.
*CP Insurance Associates works with a variety of top quality insurance carriers to meet the needs of our clients. The above coverage descriptions may differ based on your selected insurance carrier and policy options. Please refer to your policy for coverage limitations.
Additional Specialized Policies
Bank Card Protection
Bank card protection insurance offers coverage to the financial institution against unauthorized and fraudulent card transactions which require customer reimbursement. Coverage typically includes single transactions and multi-card fraud events such as skimming, etc. and can also include the extra expense to reissue new cards.
Forced Placed Coverage
Force Placed coverage allows the financial institution to force insurance coverage on property held as collateral for a loan which has lapsed in its required insurance requirement.
Mortgage Impairment Insurance
Mortgage Impairment Insurance protects the lender’s financial interest in real property when a physical damage loss occurs and there has been a lack or lapse of insurance coverage to protect the mortgaged property.
Lenders/Vendors Single Interest
A Lenders Single Interest policy protects the lender’s financial interest in mobile equipment held as collateral for a loan when a physical damage loss occurs and there has been a lack or lapse of insurance coverage to protect the collateral. Coverage could extend to automobiles, boats, motorcycles, aircrafts, and others defined by the policy. Coverage could include physical damage, skip coverage, and other exposures the bank may face with movable collateral.
*CP Insurance Associates works with a variety of top quality insurance carriers to meet the needs of our clients. The above coverage descriptions may differ based on your selected insurance carrier and policy options. Please refer to your policy for coverage limitations.
