As local community banks diversify their services to improve profitability and gain customers, their exposure to lawsuits also expands. In today’s perilous legal environment, community banks have special liability needs that may not be covered by their general liability insurance policy. Community banks wishing to insure against such diverse risks in the past had to purchase several different policies and hope there would be no gaps in coverage. Chubb’s integrated policy addresses your most vulnerable exposures in one straightforward package.
Coverage Highlights
- Flexible package of tailor-made coverages for commercial banks, savings and loans, savings banks, and trust companies
- One integrated insurance package that minimizes the gaps in coverage that can exist among separate policies
- Chubb has the duty to defend and pay 100% of defense costs for all allegations as long as a claim has an active, covered allegation
- Automatic coverage for newly acquired subsidiaries
- Automatic runoff coverage for sold companies
- Coverage for defense costs, judgments, and settlements
- Employment practices liability loss prevention services available
- Noncancelable by Chubb except for nonpayment of premium
- No regulatory exclusion
- Spousal liability coverage
- Annual policy with option to purchase a multiyear program
- One simplified application for all coverages
- Bilateral extended reporting period
- Worldwide coverage