Venture Programs Introduces Community Banking Program

October 21, 2003

Venture Programs (, a provider in the design and underwriting of select industry-focused insurance packages, 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.

“Community banks handle insurance differently than large regional or global banks, and they have unique insurance needs that this tailored program can handle effectively,” said James Shaffer, program operations manager. “Venture Banking includes such important features as blended professional liability and lending liability.”

Coverage for Venture Banking is provided through the Chubb Group of Insurance Companies (Chubb), rated “A++” (Excellent) by A.M. Best and is available in all states.

Venture Banking is designed to provide agents and brokers with access to Chubb’s banking package, which is made up of three broad policies that can be integrated to provide comprehensive coverage:

· Forefront: A single policy that integrates Fiduciary, EPLI and outside directorship with options for bankers’ professional and lending liability. With limits to $25 million, the policy features entity protection against securities claims, employment practices liability and loss prevention services. It also includes a “duty to defend” provision that provides community banks with access to local and regional legal counsel in a suit brought by a third party.

· Forefront Security: A single policy that integrates financial fidelity, electronic and computer crime, workplace violence and kidnap/ransom and extortion insurance. It includes protection against check kiting and Internet-related fraud, with limits to $25million.

· Customarq Limited: This is a custom-tailored package including property, boiler machinery and general liability insurance. It has an automatic $100,000 blanket limit for accounts receivable, Electronic Data Processing property (including ATMs), and other subjects of insurance. Protection also includes backup of sewers, drains, seepage and sewage water.

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.

For more information, contact Dave Russo, banking practice leader, Venture Programs, (800) 282-6247, ext 255.

Topics Chubb

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