Banking is one of the most regulated industries. You need a partner who understands the unique exposures facing your bank. For banks throughout Missouri communities, that partner is Missouri Bankers Insurance Services. MBIS delivers tailored, turnkey risk management and insurance solutions specifically designed for community banks, giving you the peace of mind you deserve. We are your resource for risk management services and insurance specifically tailored for the banking community.
INSURING BANKS IS OUR EXPERTISE
MBIS is a leader among the banking community. We know firsthand that banks need a partner who can offer industry-specific insurance and risk management services. An independent insurance agency, MBIS represents multiple insurance companies to ensure our customers receive the best coverage at the most competitive price. Our top-rated insurance carriers specialize in insurance programs specifically designed for financial institutions, offering banks financial stability and competitive products.
STRENGTHENING YOUR TRUST IS OUR GOAL
It is our vision to be a genuine, trustworthy advisor to all of our clients by providing tailored strategies to successful businesses and individuals with solutions beyond insurance. We are dedicated to strengthening our customer relationships with exceptional customer service.
MBIS INSURANCE PORTFOLIO
• business income and extra expense
• general liability
• excess/umbrella liability
• directors and officers liability
• financial institution bond
• directors and officers side – A coverage
• bankers professional liability
• broad form company liability
• lender liability
• employment practices liability
• Internet bankers liability
• cyber liability
• privacy liability
• trust services liability
• commercial automobile
• mortgage errors & omissions with impairment
• collateral protection (foreclosed property, force-placed, flood, LSI, equipment or other mortgage-based impairment products)
• workers’ compensation
• A commercial account manager will be assigned to your account and will be accessible to meet your policy service requirements.
• Certificates of insurance will be processed and forwarded within one business day of receiving the request.
• Binders will be processed and forwarded within three business days after binding coverage.
• Risk management policy reviews include a standardized report card; scheduled service visits on a new, renewal or interim basis; and presentations to the board of directors.
• Per the bank’s request, MBIS will review your operations to determine any changes in exposures, claim activity or servicing needs.
• Our staff will return telephone calls within the same day they are received.
• Audits will be reviewed upon receipt. MBIS will request that the audits be completed within 90 days of the policy expiration.
• Workers’ compensation claims should be reported by the insured to the MBIS Claims Department with the applicable state required form fully completed.
• MBIS will report all claims to your carrier within 24 hours of receipt.
• Draft authority will be used to settle claims “in house” whenever possible.
• MBIS will monitor the settling and reserving of claims, keeping you advised of any major changes in reserves.
• Staff will maintain open and frequent communication on the status of the open claims.
• Loss runs will be reviewed at the bank’s request on a monthly, quarterly or semiannual basis.
• MBIS will review your workers’ compensation experience modification, where applicable, for accuracy on an annual basis. If a claim is of an urgent nature requiring immediate assistance and
occurs outside of normal business hours, please call 217-899-4764.
• MBIS will review your policy renewal with the appropriate insurance carriers 60 to 90 days before the policy expires.
• A renewal proposal and premium quotation will be shared before the policy expires.
DIRECTORS & OFFICERS LIABILITY
Directors and officers liability policies generally provide coverage for judgments, settlements and defense costs in connection with defending a claim against a director or officer. The traditional D&O policy has three insuring agreements.
• Agreement A provides coverage for nonindemnifiable claims against individual directors and officers.
• Agreement B provides coverage for indemnifiable claims against individual directors and officers where the corporate bylaws allow indemnification.
• Agreement C provides coverage for claims against the entity.
WHY BANKS NEED D&O COVERAGE
Director and officer litigation filed by the Federal Deposit Insurance Corporation against financial institutions that failed during the financial crisis spiked in 2013 because of the large number of failures in 2009 and 2010. CEOs continue to be the most commonly named defendants. They were named in 88 percent of all filed complaints and 10 of the 12 lawsuits in 2013. Chief financial officers, chief credit officers, chief loan officers, chief operating officers and chief banking officers are other commonly named defendants. Outside directors have been named, along with inside directors, in 75 percent of all filed complaints.
The D&O policy market is constantly changing. A one-size-fits-all policy does not work. The Missouri Bankers Insurance Services specializes in financial institution D&O coverage and has well-established relationships with numerous reputable carriers. Partnering with MBIS for will help your bank find its right fit for D&O protection.
Cyber liability coverage will protect your bank against the misuse of your computer system and the information within it. Even if your bank does not host your own data system on-site, the bank is ultimately responsible for it. A general liability policy will not fully cover a data breach. A good cyber liability policy will supplement a general liability policy.
WHY CYBER LIABILITY COVERAGE MATTERS
Like it or not, our world has undergone an online revolution. Social media, e-commerce, online banking, storing documents online and the growing popularity of the “cloud” bring benefits to financial institutions, as well as a new realm of risk. A cyber attack can come from inside sources or outside your financial institution. These sources can hack into your computer system and create damage to your files, obtaining confidential information with intent to commit fraud or misuse. As a financial institution, you now assume more responsibility for the protection of privacy and personal data.
HOW MBIS CAN HELP
Missouri Bankers Insurance Services specializes in cyber liability. By understanding your bank’s specific operations, exposure, risk tolerance and needs, MBIS will work with several carriers to secure the best option for your bank.
CUSTOMIZED APPROACH TO RISK MANAGEMENT
Insurance cannot prevent something bad from happening. However, it can transfer the financial implications impact of a bad result to an insurance carrier and often limit a bank’s risk to the cost of the insurance. MBIS truly understands that when it comes to banking, there is no such thing as a one-size-fits-all approach. We know every bank is different. And, MBIS is dedicated to fully understanding your bank so we can align our consulting expertise to provide tailored strategies that effectively and efficiently mitigate your bank’s risk.
OUR RISK MANAGEMENT PROCESS
• a comprehensive analysis of your bank’s risk, including a report card, service visit and presentation to the bank’s board of directors
• claims analysis
• coverage/exposure review
• support specialists on hand to provide assistance with your bank’s human resource program
• risk transfer alternatives
• loss control services
• workers’ compensation experience modification review
• vendor contract reviews
• stewardship reports
• risk management policies/procedure development