Nuts & Bolts: Venture Programs has introduced Venture Banking, a new insurance program tailored specifically for commercial banks with less than $1 billion in assets. Venture Banking is reportedly ideally suited for small banks, savings and loans, and credit unions. By integrating all key liability, fidelity, and property insurance features needed by community banks, the program minimizes potential coverage gaps and provides streamlined underwriting capabilities. Venture Banking also offers additional coverage for workers’ compensation, excess and umbrella liability, commercial auto, mortgage protection insurance and mail insurance. Through Chubb Group, the program provides complete risk management services including loss control and claims management specifically designed for the banking industry.
Dollars: Forefront: limits to $25 million; Customarq Limited: automatic $100,000 blanket limit for accounts receivable, Electronic Data Processing property (including ATMs), and other subjects of insurance.
Carrier: Coverage for Venture Banking is provided through the Chubb Group of Insurance Companies, rated “A++” by A.M. Best.
States Available: All.
Contact: Dave Russo, (800) 282-6247, www.ventureprograms.com
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