St. Paul Travelers has expanded management liability coverages for its SelectOne for Community Banks and SelectOne for Credit Unions, a portfolio of property casualty, management liability and bond coverages specifically designed for community banks and credit unions. Now, the management liability coverages include:
* Lender liability coverage for claims brought by any third party or non-borrower including claims brought by guarantors, or claims arising out of loan participations or mortgage banking operations;
* Bankers professional liability coverage and credit union professional liability coverage for claims brought by any third party or non-customer; and
* Entity coverage for publicly-held community banks that are traded on pink sheets or over the counter (OTC).
Policyholders can choose separate or shared limits of liability, different retentions and designate whether the insurance company or policyholder has the duty to defend claims for each coverage option. In addition, the policies are designed to reduce coverage gaps and can be tailored to meet the specific needs of policyholders.
Since 1890, St. Paul Travelers has been providing coverage to financial institutions and community banks.