Financial Institutions in Guntersville, AL and surrounding areas
Protect Your Institution and the Community That Relies on It
Community banks are known for their personal service. It’s what sets them apart from the giant national and international banking institutions. Yet as local community banks diversify their services to improve profitability and gain customers, their exposure to lawsuits also expands. Woodall & Hoggle represents companies that offer a flexible package of tailor-made coverages for commercial banks, savings and loans, savings banks, and trust companies. Our integrated insurance packages minimize the gaps in coverage that can exist among separate policies. Coverages are designed to complement all of your insurance needs including Liability, Crime, and Property & Casualty. Call Woodall & Hoggle today to get more information about your specific insurance needs.
Through the various companies that we represent, Woodall & Hoggle can offer an insurance package designed to meet your specific liability needs. Some key liability insurance coverages to help protect the Financial Industry include:
Bankers Professional Liability for Financial Institutions
In today’s competitive environment, banks and other financial institutions continue to introduce a broad range of new services, many of which go beyond “traditional” banking operations. Not surprisingly, the more services that financial institutions offer to their customers and the more their customer base grows, the greater their chances of being sued over alleged errors or omissions—especially when fees are involved.
Under ERISA, fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of alleged errors, omissions, or breach of their fiduciary duties.
Employment Practices Liability Insurance (EPLI)
Employers face a rising tide of employment practices litigation alleging discrimination, sexual harassment, retaliation, and other torts.
Directors & Officers Liability
A company’s directors and officers can be sued over their management decisions by a whole host of constituents.
Covers defense expenses and settlement costs or damage awards associated with a liability lawsuit resulting from an accident at a residence managed by the trust department of a bank.
General Liability Coverage protects you against claims for damages because of bodily injury or property damage to others resulting from your business operations.
- General Liability Limits of $1 million per occurrence / $2 million aggregate are standard
- Advertising and Personal Injury Protection
- Medical Payments
- Damage to Premises Rented to You
- Products/Completed Operations Coverage is available from most carriers.
Other Liability Options Available
- Higher Limits for Most Individual Coverages
- Water or Sewer Back-up and Sump Overflow
- Hired and Non-owned Auto Liability
- Blanket Additional Insured - Broad Form Vendors
- Blanket Additional Insured - Lessors Of Leased Equipment
- Blanket Additional Insured – Owners Managers Or Lessors Of Premises
Commercial Umbrella Liability Insurance – protects your organization against large, catastrophic liability claims. The policy acts as excess coverage over your primary liability policy(s).The coverage limit applies in addition to the limit(s) provided by underlying coverage(s).
Financial Institution Bond
It’s not pleasant to think about, but even with excellent controls, procedures, and security, most community banks can be surprisingly vulnerable to dishonest employees, fraud artists,computer hackers, and all manner of violent individuals. Crimes of this nature happen more frequently than you think. Through the various companies that we represent, Woodall & Hoggle Insurance can offer a straightforward insurance package developed to respond to some of the most significant financial threats to community banks. It has been specifically developed to help protect and meet the needs of commercial banks, savings & loans, savings banks, and similar depository or lending institutions with assets typically less than $1 billion.
The program helps protect community banks against losses and expenses resulting from:
- Employee dishonesty
- Trade or loan fraud
- Computer system fraud
- On-premises theft, including robbery and burglary
- In-transit theft
- Forgery or alteration
- Extended forgery
- Automated devices
- Counterfeit money
- Defective signatures
- Servicing contractors fraud
- Voice-initiated funds transfer fraud
- Extended electronic computer crime
- Telefacsimile fraud
- Cash letter fraud
- Unauthorized signatures
- Stop payment fraud
- Check-kiting fraud
- Safe depository liability
- Telephone toll call fraud
- Kidnap/ransom and extortion
- Workplace violence
- Cyber Fraud/Liability
Additional Coverage Highlights/Options:
- Insurance provided on an “each and every” single-loss basis.
- Automatic protection for newly acquired subsidiaries.
- Automatic protection for employee benefits plans that qualify under ERISA.
- Annual policy with the option to purchase a multiyear program.
- Broad definition of employee dishonesty, including elimination of manifest intent requirement.
- Elimination of $2,500 financial benefit threshold in lending losses.
- Elimination of outside collusion requirement in lending losses.
- Broad definition of tangible property for on-premises insuring clause.
- Robbery extends to loss of property while in customer’s possession on premises.
- Central handling of securities is included.
- Destruction of checks in transit to data-processing centers is included.
- Fraudulent instructions forgery includes signatures of employees.
- Uncertificated securities are included.
- Automated devices insuring clause includes burglary and damage or destruction of property.
- Counterfeit money insuring clause applies to money of any country.
- $10,000 robbery reward.
- No exclusion for unauthorized access to electronic systems by customers.
- $10,000 death benefit for directors or employees killed during robbery on premises.
Property & Causality
Woodall & Hoggle can offer institutions like yours a well-rounded insurance program that will both protect your operations and help you manage the costs associated with lawsuits. Our property and casualty multi-lines capability can streamline the insurance process for you and help you avoid the complications of dealing with multiple insurers.
Protecting Your Property
- Accounts Receivable: Coverage on and off premises.
- Business Income and Extra Expense: Covers income that is lost due to suspended operations caused by damage at the described premises from a covered cause of loss.
- Business Personal Property off Premises: Coverage for Business Personal Property Off Premises (other than stock), including while in transit or temporarily away from the scheduled premises and at a premises you do not own, lease or operate, or at any fair, trade show, or exhibition.
- Commercial Auto: Provides coverage for cars, trucks and vans used by you or your employees for business purposes.
- Commercial Buildings you own.
- Business Personal Property:
- Machinery and equipment not permanently attached to the building
- Furniture & Fixtures
- Personal Property of others
Electronic Data Processing Equipment, Data and Media:
- Coverage subject to the Business Personal Property limit.
- Enhanced perils protection against loss by electrical current, mechanical breakdown and power failure.
- Electronic Vandalism
- Off premises (including transit) coverage, backup data off premises coverage, and newly acquired equipment coverage
- Diagnostic Equipment, Power Generating Equipment, and Production Equipment
- Service interruption of water, communication, or power supply services is covered from a covered breakdown (when Business Income and Extra Expense is covered).
- Signs: Coverage is available.
Valuable Papers and Records:
- Coverage on and off premises.
- Covers the cost to research, replace or restore lost information.
- Water of Sewer Back-up and Sump Overflow
Protecting Your Collateral
- Mortgage Impairment: Covers the mortgage holder’s interest resulting from direct physical loss or damage to mortgaged property, paying for the unpaid principal balance and accrued interest on the mortgage.
- Foreclosed Property: Covers the adjusted outstanding mortgage balance on damaged property, as well as additional mortgage-related expenses.
- Repossessed Vehicle Coverage: Covers physical damage to the vehicle while in the possession of your institution up to the limit purchased for repossessed auto coverage on the policy.
Coverages for All Businesses
In addition to the coverage options listed above, Woodall & Hoggle also recommends some very important coverages that all business owners need to understand and consider:
Cyber Crime Liability Insurance - protects your organization from an invading army of exposures, such as e-theft, destruction of critical data, defamation, libel, copyright or trademark infringement, e-vandalism, e-threats, denial of service, and more.
Employee Benefit Liability Insurance - covers the cost to employees that result from employer processing errors related to employee benefits. Some examples of this would be an employer not providing the employee with the appropriate COBRA information following termination that results in the ex-employee losing benefits, or an employer neglecting to add an employee to a benefits plan or adjusting coverage as requested.
Workers’ Compensation Liability Insurance - provides coverage to employees for accidents or disease arising from employment. Benefits may include lost wages, medical expenses, and permanent disfigurement/disability payments. State law requires that employers provide Workers’ Compensation Insurance for their employees.