Venture Programs Now Offers OneBeacon Community Bank Market

June 4, 2006

Venture Insurance Programs has reporetd that its Venture Banking program now offers a new community banking market through OneBeacon Insurance Group.

Through this partnership, Venture will provide access to OneBeacon’s suite of banking and financial institution insurance products featuring management and professional liability, cyber liability, financial institution bond, and property and casualty coverages.

“The Venture Banking program is our fastest growing, all-lines package, and the addition of OneBeacon gives us greater flexibility in writing community banking business,” said George Tsui, Venture’s executive vice president of underwriting.

The OneBeacon banking package through Venture Banking is designed for community banks with assets up to $2 billion. Coverage includes:

Management and Professional Liability with shared or separate limits, including Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, Bankers Professional Liability and Trust Errors and Omissions coverage.

Cyber Liability, including denial of access, failure to protect confidential information and loss of business opportunity, as well as an option to add intellectual property and public relations expense up to $50,000.

Financial Institution Bond with no aggregate limit, including coverage for counterfeit checks, self-storage boxes on premises, fraudulent email, fax and voice transfers and cyber extortion.

Property and Casualty coverage inclusive of: Property, General Liability, Auto, Umbrella, Workers Compensation, Foreclosed Properties, Trust Properties, Repossessed Auto and Mortgageholders Errors & Omissions.

The Venture Banking program is an all-lines package designed for commercial banks with less than $2 billion in assets. The program provides insurance agents and brokers with multiple carrier access and is suited for savings banks, credit unions, savings & loans and trust companies.

Source: Venture Insurance Programs

Topics Professional Liability

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