This is a question heard frequently in our current market. Individual and Commercial insurance buyers are experiencing rate increases, and in some areas, the premium changes are significant. What’s driving these price hikes?
When the Equal Credit Opportunity Act passed in 1974, most women did not know the law existed, and it was incredibly difficult for women to obtain a loan on their own. Bankers frequently told women that they needed male figures in their lives, including their fathers, husbands, brothers, grandfathers, uncles, or other male relatives to co-sign for their loans. Unfazed by these practices, however, a group of Colorado women decided to open their own bank to give credit opportunities to women and change the financial services industry for good.
When preparing for the foreclosure of a property, surprises may come up. You could find yourself tasked with many new responsibilities and a checklist of to-dos on the fly, leaving the foreclosure process hectic and tedious. With foreclosures on the rise, these best practices can help keep you on track in the preparation and duration of a foreclosed property.
Some lenders question why they need insurance for their mortgaged property if they’re tracking the borrower’s required insurance. Now, economic risks and exposures have become more and more complicated—so has protecting your financial institution from losses associated with your mortgage portfolio. With all the different types of losses that could impair your mortgages, and the myriad of exposures from originating and servicing loans, you may need a broad, flexible product that lets you customize your insurance.
It’s that time of year again – the Federal Home Loan Bank (FHLB) and Government Sponsored Entities (GSEs) are reviewing their lending partners to make sure they meet their requirements, including adequate insurance.
Going into a new year, inflation continues to be a key topic for individuals, but are your business customers keeping pace? Insurance to Value is not a new concept. Each year leading up to renewal, it’s one of the many items on an underwriter’s checklist - to update values for a business. Often, insurance customers suggest that values are fine as is. However, in this current environment, that approach will likely result in under-insured property values and it’s more important than ever have those values updated at renewal.
Winter is here and it’s time to bundle up your banks, credit unions, institutions and other financial services properties. To help prevent customers and employees from being injured on your property, certain precautions and efforts can be taken to maintain property upkeep from snow, ice, and freezing temperatures. If an accident occurs at one of your locations, you can be held accountable and may be required to make monetary reparations to the victim.
Incidents continue to be reported to banks and their insurers involving data compromises that occur at the bank customer's location. This article will provide some of the most common and evolving methods of data compromise.
While card skimming, wire fraud, or hook and chain losses have dominated conversations about risk for banks, a new threat is on the rise: "jugging." As customers and businesses start to return to normal, foot traffic inside and around the bank is increasing. Unfortunately, some of the additional visitors are looking at methods of robbing customers after they leave the bank lobby. This article will define "jugging," look at clues for identifying a potential jugger, and provide some procedures to implement to protect your customers from falling victim to jugging.
It is well known that ATMs are subject to many different types of attacks, from skimming or tampering, to robbery. In the last few months, the U.S. has seen a spike in a new type of assault on ATMs, labeled “Hook and Chain” attacks. In this style of attack, criminals are attaching chains or cables to the ATM, hooking those chains to a vehicle and attempting to physically pull off the door of the safe of the ATM. Drive-up island ATMs have been particularly vulnerable in such incidents, as well as standalone ATMs at remote locations such as a gas station or a business after hours. To mitigate risk, your bank should refer to the following tips to protect ATMs.
Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.