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:

 Employee Dishonesty
 Losses on Premises
 Losses in Transit
 Counterfeit Currency
 Forgery or Alteration
 Securities

Optional Coverages available on request include:

 Entity E&O Coverage
 Employment Practice Liability
 Computer Systems
 Extortion
 Fraudulent Real Property Mortgage
 ERISA
 Safe Deposit Liability
 Bank Money Order Issuers
 Trading Loss
 Unattended ATM
 Servicing Contractors
 Stop Payment
 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:

 Fiduciary Liability
 IRA/KEOGH Liability
 Lender Liability
 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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