Nuts & Bolts:
Venture Programs expanded its banking program with a new package of products from the Hartford Financial Services Group Inc. Hartford’s insurance products will enable the Venture Banking program to reach banks and credit unions with less than $2 billion in assets, investment firms with less than $2 billion in assets under management, and insurance companies with less than $2 billion in written premium. Venture Banking will offer broad standard commercial lines coverage, including property, mechanical breakdown, general liability, commercial auto, workers’ compensation and umbrella liability, in addition to several industry-specific coverages, such as foreclosure, trust, automobile repossession and mortgage holders’ insurance. In addition, for institutions above the $1 billion asset level, a wide range of management liability coverages are offered through Hartford’s financial products division, including directors and officers insurance, errors and omissions coverage, employment practices and fiduciary liability insurance. Venture introduced Venture Banking in 2003 with coverage for commercial banks with less than $1 billion in assets.
Dollars:
Deductibles and limits vary, no premiums.
Carrier:
Chubb rated “A++” and the Hartford rated “A+.”
States Available:
All states.
Contact:
Annamarie Keen, (800) 282-6247, ext. 278, or www.ventureprograms.com.
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