Boston-based OneBeacon Insurance has introduced a new product for managing the increasingly complex risks of community banking. OneBeacon’s newest product — Professional @vantage for Financial Institutions — joins protection for emerging issues with traditional coverages such as Directors and Officers Liability, Employment Practices, Lender Liability, Cyber-Liability, and Financial Institution Bonds.
OneBeacon provides property and casualty coverage that is unique to banking through its @vantage for Financial Services product. This includes: foreclosed properties, mortgage errors and omissions, mortgage holder’s interest, property and liability for trust properties, and repossessed auto.
Craig Collins, head of Community Banking for OneBeacon, said the company focuses on customer groups it can serve well through specialized expertise, products and services.
“Community banks are becoming more complex in response to marketplace demands for expanded customer services,” Collins noted. “As a result, their professional risks are also becoming more complex. We designed and structured these new products specifically for community banks, and support them with particular underwriting and claims expertise.”
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