Banking on a Secure Future: Comprehensive Insurance Specifically Tailored for Banks
CIC Services, LLC, a leading name in captive insurance management since 2005, proudly announces the launch of BankInsure, a revolutionary insurance product crafted exclusively for small to mid-sized banks. BankInsure addresses the unique challenges faced by these institutions, providing a comprehensive and smarter approach to risk management.
Traditional insurance options often leave small to mid-sized banks exposed to risks with caps and limitations, and facing annual, daunting, health insurance premium increases. BankInsure, by CIC Services, is designed to fill these gaps. The company, recently awarded the 2023 Captive Insurance Manager of the Year by Captive Review, brings a wealth of experience and expertise to the banking sector.
BankInsure offers a captive insurance approach, allowing banks to retain premiums as profit. This profit accumulation serves as a financial buffer, ensuring stability during times of uncertainty and when risks materialize. The product is specifically tailored to address the distinct risks banks encounter, such as cybersecurity threats, regulatory changes, economic fluctuations and unreasonably high health insurance renewal premiums.
BankInsure offers a suite of policies that address the risks banks are most likely to face including:
Commercial Risk Indemnity: Provides financial protection against various commercial risks, offering indemnification for covered events.
Commercial Crime – Excess (Inc. Gap & Ded): Coverage against financial losses resulting from crimes such as employee theft, fraud, forgery, and other dishonest acts.
Employment Practices Liability – Excess (Inc. Gap & Ded): Protection against financial losses arising from employment-related claims.
Cybersecurity and Data Breach- Excess (Inc. Gap & Ded): Coverage for costs associated with data breaches, including legal fees, notification costs, and reputation management.
Directors and Officers (D&O) Liability – Excess (Inc. Gap & Ded): Protects executives and board members from personal liability in case of lawsuits alleging wrongful acts or
mismanagement.
Professional Liability – Excess (Inc. Gap & Ded): Coverage for professionals against financial losses resulting from claims of negligence, errors, or omissions.
Healthcare Stop Loss Reimbursement: Coverage for self-insured employers or groups, reimbursing costs exceeding a predetermined threshold for individual or aggregate claims.
Legal Expense: Covers legal costs and expenses incurred in various legal actions, including litigation, regulatory investigations, and legal defense.
Tax Indemnity: Provides indemnification for tax-related liabilities, safeguarding against unexpected tax liabilities or disputes.
Dental Reimbursement: Offers coverage for dental expenses incurred by the bank’s employees.
Administrative Actions: Covers legal costs resulting from regulatory or administrative actions against the bank.
Disability of Key Employee: Provides financial protection in the event of a key employee’s disability.
Loss of Permit: Covers losses resulting from the revocation of necessary permits.
Regulatory and Legislative Changes: Helps manage financial impacts arising from changes in regulations or legislation affecting the bank.
Reputational Damage: Provides coverage for losses related to damage to the bank’s reputation.
Special Catastrophic Risk: Covers unique and severe risks that may have catastrophic financial consequences for the bank.
Loss of Key Customer, Loss of Key Employee, & Loss of Key Supplier: Mitigates financial losses due to the departure of critical customers, employees, or suppliers.
CIC Services is proud to introduce the two industry experts behind the BankInsure product:
BankInsure is led by Christopher Gallo, managing director of CIC Services, who has 35-years of regulatory experience and is a Certified Financial Examiner and expert in captive insurance.
“We launched BankInsure to provide small to mid-sized banks with a smarter, more comprehensive approach to risk management,” said Gallo. “Traditional options often fall short, leaving these institutions exposed. BankInsure is designed to be a financial safeguard, allowing banks to navigate uncertainties with confidence.”
For more information on BankInsure and how it can benefit your institution, visit here.
