Bond/D&O Insurance - Progressive
Directors & Officers Liability Insurance and Blanket Bond Coverages: Recognizing the need of our member banks to have a reliable, well-priced source for Bond and Directors & Officers Liability Insurance, the Georgia Bankers Association in conjunction with the American Bankers Association created the American Bankers Professional and Fidelity Insurance Corporation. ABPFIC is a mutual insurance company, so your bank benefits from the success of the program.
Mutual ownership also means that your needs and your point of view are well-represented, since the mutual company's Board is comprised of bankers like you. Over the years, member banks have asked us to increase policy limits and add coverages, and we did. Bankers know they can count on us to meet their needs.
Listed below are the coverages available from ABPFIC. All of these policies are underwritten by Progressive Insurance Company:
Form 24 Financial Institution Bond and Form 28 Excess Employee Dishonesty
Form 24 contains the standard insuring agreements of:
Losses on Premises
Losses in Transit
Forgery or Alteration
Optional Coverages available on request include:
Entity E&O Coverage
Employment Practice Liability
Fraudulent Real Property Mortgage
Safe Deposit Liability
Bank Money Order Issuers
Transit Cash Letter
Directors & Officers Liability Insurance
It is critical that Directors and Officers of banks be assured their personal finances will not be jeopardized due to an unintentional act by themselves or an associate. The ABPFIC Directors & Officers Liability Policy is an excellent tool to provide this assurance. This policy protects the past, present and future directors and officers of the bank.
Other coverages available with this D&O policy are:
Trust Errors & Omissions Liability
In addition to these excellent policies, you have access to free SAFE loss control programs including: SafeTalk loss control newsletter, SAFE videos on topics such as "A Directors Responsibility," "Forgery," "Employee Dishonesty," "Fictitious Loans" and "Credit Card Fraud."
For more information, send an e-mail to the Webmaster.
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