Nuts & Bolts:
Mayfield Village, Ohio-based Progressive Casualty Ins. Co. released a new directors’ and officers’/company liability policy for financial institutions. The new policy allows bankers to protect the directors, officers and bank against exposures arising from the many services they now provide, under either a broad-form contract or on an individual named peril basis. Since the Gramm-Leach-Bliley Act of 1999, community banks have ventured into activities well beyond the traditional banking arena. The policy continues to provide a special nonerosion feature that ensures that limits are available to protect directors’ and officers’ personal liability, even if claims are paid for suits against the bank itself. The policy has been approved in most states, and is available through independent agents.
Dollars:
$15 million limit. Premiums and deductibles are based on size of bank.
Carrier:
Progressive Casualty Ins. Co. rated “A+” (superior) from A.M. Best, admitted.
States Available:
All.
Contact:
Craig Collins, (715) 381-4876 or craig_m_collins@progressive.com.
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