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Tag: bankers professional liability insurance

Protecting Your Financial Institution Against Risks

Protecting Your Financial Institution Against Risks

People expect banks to protect their money. And for the most part, financial institutions are considered safe. But when employees handle large amounts of money, mistakes can occur. Allegations of mishandling can happen. At a bank in Enid, Oklahoma, just recently, a banker used his position as a loan officer to make fraudulent loans. (He was arrested and charged with multiple felonies.) Although bankers professional liability insurance won’t cover fraud, it’s an important part of your insurance portfolio. Benefits of…

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When Your BPL Policy Saves the Day

When Your BPL Policy Saves the Day

    Mistakes happen in every industry, but mistakes in the financial sector can have enormous repercussions for financial institutions. Fortunately, there’s a way to protect your community bank, credit union, or other financial services provider. Read below to discover the three scenarios where bankers’ professional liability insurance can save the day. Misleading Statements A disgruntled customer may not be the only danger your financial institution faces if they issue a misleading or incorrect statement. Should you find yourself on…

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Understanding BPL Policies

Understanding BPL Policies

Bankers professional liability insurance, or BPL, is the risk-management foundation for financial institutions such as savings and loan companies, credit unions and community banks. It’s important to understand what these policies cover, because additional coverage may be needed in particular institutional settings. Allegations and Claims of Negligence Financial professionals work with large sums of money, and as such, they run the risk of being accused of negligence or wrongdoing in their handling of the money. Whether or not a lawsuit…

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