Independent insurance agencies affected by hurricanes and other catastrophes have access to a special loan program provided by InsurBanc, the bank founded by agents for agents.
InsurBanc is offering special short-term loans for expenses related to floods, hurricanes and other catastrophes. The bank is offering this program to qualifying agency principals—for example, those agencies affected by the recent storms on the Gulf Coast.
Robert Pettinicchi, chief lending officer of InsurBanc, said agencies in such areas need to be up and running to help their clients. “Agency owners affected by the recent storms may have special financing needs for several months after a natural disaster. Rather than tapping into personal assets and credit cards—or waiting for government funds to become available—an agency can turn to InsurBanc for short-term financing for repairs and extraordinary expenses related to reopening and operating the agency,” he said.
InsurBanc is headquartered in Farmington, Conn., and is a member of the Federal Deposit Insurance Corporation (FDIC). The bank, which operates in all 50 states, was jointly developed by the 300,000-member Independent Insurance Agents & Brokers of America (IIABA), Alexandria, Va., and the W. R. Berkley Corp.
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