 Hackers never stop. This means that Internet security needs to constantly evolve to keep them out.
Banks are particularly high priority targets for hackers because the potential payout is so high. The next step in ATM security (after EMV chips) may be cardless cash withdrawals using a smartphone, which can also be linked with video banking. Similar video has been successful in the healthcare and defense industries.
Unfortunately, no matter how sophisticated the hardware/software becomes, the human element remains a weak spot. Phishing has become so sophisticated that developers now rent it out to the less sophisticated as this white paper from Sophos details. John Podesta famously fell victim to this last year and his emails ended up on Wikileaks. Other attacks involve calling service repeatedly until security protocols are ignored, such as when hackers took control of a cell phone and were able to steal thousands in a short period.
Big banks and credit unions are behind the curve in removing online obstacles and community banks are even further behind. The push to modernize and streamline while protecting data can sometimes create bigger problems as businesses rush to catch up. Lack of complete planning combined with a training curve for employees leaves lots of holes for hackers to exploit.
Offering coverage, including CyberRisk, for a local bank is easier than you think with the Big "I" Markets Community Banks Business Insurance Program. Because our partner Travelers understands that few agents have extensive knowledge about banks, they will walk with you through the entire operation, explaining the process and details of coverages. Travelers will even go with you to pitch the coverage to the client. Travelers is there to guide you every step of the way.
Critical Policy Features:
-
Directors and officers liability, with excess directors and officers individual coverage
-
Crime
-
Employment practices liability
-
Bankers professional liability
-
CyberRisk protection
-
Trust errors and omissions liability
-
Lender liability
-
Fiduciary liability
-
Financial institution bond
-
Kidnap and ransom
-
General liability, auto liability and physical damage as well as workers compensation and property
Here's a further break-down of the various coverages offered.
A specimen policy is located in "Product Resources" on www.bigimarkets.com.
Travelers SelectOne®, underwritten by Travelers Casualty and Surety Company of America, is endorsed by the Independent Community Bankers of America.
To find your local community bank, visit ICBA's community bank locator at www.icba.org/locate. Simply type in your zip code and the app will show you all the community banks in your area.
|
SPECIAL FEATURE
Consumer Reports Points Readers to Trusted Choice Agents
 Consumer Reports recently published an article about homeowners insurance. The article discusses 10 things that consumers don't typically know or understand about protecting their largest asset. This article is a must-read for all consumers that own a home and Consumer Reports is one of the most credible, non-biased consumer publications that exist today.
The article discusses cost, coverage, claims, flood, animal damage, impact your credit has on rating - the list goes on. There are so many important tidbits in this article - you should pass it along to your clients. But here's the best part: in the very first tip this article shares, Consumer Reports recommends using a Trusted Choice independent insurance agent because homeowners insurance requires a careful assessment of your client's risk and coverage needs - something a Trusted Choice independent agent is best suited to do. The article points out that direct and captive agent companies can't offer what Trusted Choice agents can because they can only sell their own brand.
Your agency brand is critical in your local marketplace. However, there are certain advantages that arise from all of us coming together under a common consumer co-brand that leverages our strength in numbers. Trusted Choice was designed to provide your agency brand with a megaphone to amplify your own identity. All you have to do is use it.
Trusted Choice agents, please share this article with your clients and prospects. Feel free to brag about the fact that the most recognizable and non-biased consumer publication recommends using a Trusted Choice independent insurance agent!
Learn more about the Trusted Choice program here.
|
Build Your Commercial Book with Architects & Engineers Professional Liability
 When it comes to covering the architects in your community, where do you turn? Did you know that you have access to comprehensive professional liability coverage for architects, engineers and surveyors?
CBIC Design Professionals Insurance, an RLI Company, provides comprehensive professional liability coverage for architects, engineers, and surveyors. CBIC has deep knowledge in the professional services and construction industries, which means when you work with a CBIC underwriter, risk manager or claim manager, you're speaking with a longtime veteran who has both the expertise to understand a firm's needs and the decision-making authority to get the job done.
The policy features:
-
Defendants' reimbursement of expenses - $500 per day subject to $12,500 maximum (reimbursement applies day one)
-
ADA/FHA/OSHA regulatory or administrative action reimbursement - $30,000 per policy period
-
Free pre-claims assistance
-
Disciplinary proceedings reimbursement - $5,000 per proceeding
-
Definition of "Insured Person" includes temporary or leased personnel and retired personnel
-
Predecessor firm coverage, including joint ventures
-
Worldwide coverage
-
Liberalization clause
-
Blanket waiver of subrogation provision
-
Punitive damages extension where allowable by law
-
Deductible mediation credit of 50% subject to a $12,500 maximum
-
Automatic 90-day coverage for acquired or merged entities
-
5 Year Extended Reporting Period
-
Innocent insured provision
-
Consent to settlement provision - 50/50 co-share between "Insured" and "Insurer"
-
60-day automatic extended discovery period
-
Automatic excess coverage for separately insured projects
-
Management Pack Enhancement Endorsement (Directors & Officers, Fiduciary and Employment Practices Liability Insurance Coverages)
-
High Self Insured Retention Program (Top & Drop)
Learn more by logging into Big "I" Markets and clicking on Architects & Engineers Professional Liability by CBIC an RLI Company from the commercial products menu.
|
| |
|
Contractual Risk Transfer, Additional Insureds, and the Primary and Noncontributory Requirements
Virtual Universtity
|
BIM Website Training Webinar
Big "I" Markets website
|
|
Date: Wednesday, July 19
Time: 1:00 - 2:30pm EDT
Cost: $69
Summary:
If you deal with construction clients, you deal with contractual risk transfer, additional insureds, and primary and noncontributory problems. We discuss all these time-zapping "issues" in this webinar and answer three key questions
-
What is the purpose of contractual risk transfer?
-
What is given to the Additional Insured?
-
Is the Primary and Noncontributory required necessary, ethical, or even legal?
Beyond answering these questions, the laws of equity that apply to these issues will be reviewed along with the three key equity concepts applicable to and the basis for this entire "problem."
Registration:
|
Date: Thursday, July 20
Time: 2:00 - 2:30pm EDT
Cost: Free
Summary:
For all you folks who recently registered for Big "I" Markets, remember you can participate in a webinar from the comfort of your office to help you learn how to navigate around the system. Every Thursday at 2:00 p.m. EDT we'll show you how to navigate the Big "I" Markets platform, including how to submit a quote! A recording of this webinar can be found under "Publications" after logging into Big "I" Markets.
Registration:
|
|
Agency Risk Management Essentials: Emerging Exposures: Marijuana, Mold and More
E&O Risk Management
|
|
Date: Wednesday, September 13
Time: 2:00 - 3:00pm EDT
Cost: Free
Summary:
Join us to learn about a number of exposures facing insurance agents that have plaintiff attorneys licking their chops! The webinar will not only identify the exposures, but also give you the tools you need to reduce your agency’s risk of Errors & Omissions (E&O) Claims. The discussion will feature a Member Insurance Agent, Virtual Risk Consultant Representative, Swiss Re Claims Specialist, as well as E&O Defense Counsel.
If you have any questions relating to the topic that you would like addressed during the discussion, please email Jim Hanley.
Learn more about risk management resources available to your agency at www.iiaba.net/EOHappens.
Registration:
|
|
Be one of the first five with the correct answers and win a $5 gift card (Starbucks, Dunkin' Donuts, Baskin Robbins, or Krispy Kreme).
Don't forget to answer the Tie Breaker!
1. Under the Architects & Engineers Professional Liability product how long is the Extended Reporting Period?
2. On this date in 1927 this controversial slugger recorded his 4,000th hit. Name him.
3. Claude Hall died last week (7/7). He was best-known for coining what music-related term?
TIE BREAKER
Italian bank Credito Emilian has since 1953 been accepting and storing an unusual collateral in exchange for low-interest loans to regional producers. What is the collateral?
|
BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in New Jersey on a Performance Bond sale of $18,717 in premium!
|
|
