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Bahr Consultants

Banks and Guns Don’t Mix – or Do They?

To go armed or not to go armed? That is the question. Unfortunately, there’s no easy answer. The first answer that comes to most Insurance Risk Managers is, “No Guns. Guns can potentially hurt people and/or destroy property.” However, what is usually said off the record is, “Guns should be banned from bank lobbies and […]

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Exclusions Aren’t the Only Way an Insurance Company Can Deny a Bond or D&O Claim

The Financial Institution Bond, the Directors and Officers Liability policy, and now the Cyber Liability policy, are essential coverages for ANY bank. These policies cover a great number of exposures that, if not covered, could financially ruin a bank. However, there are actions that a bank must take (or not take), that may allow the […]

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Time for a Captive Insurance Company?

I have always been lead to believe that establishing a Captive Insurance Company was only for large companies with a lot of capital and a hard to insure loss exposure. While this advantage for large companies has not changed, financial institutions of moderate size should now consider this risk financing tool. Let’s look at some […]

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Ransomware

Ransomware is one of the biggest cyber threats affecting banking today. How can you stay protected? Does your insurance plan cover Ransomware? Do you have an appropriate coverage limit? Will your insurance company help with the removal of the Ransomware? What is It? Ransomware is a form of a computer virus. However, this isn’t one […]

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Handling Risk Without Buying Insurance

When I left the insurance agent ranks to become a consultant, it took me a year or two to think of Risk not as just an Insurance Problem but as a Risk Management Problem. Instead of thinking that every risk existed so I could sell an insurance policy to cover it, I began to think […]

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5 Factors That Affect Your Financial Institution Bond Premium

Use them to maximize your protection and minimize your premium costs How you answer those questions on that lengthy Financial Institution Bond Questionnaire can make a real difference in having great, competitively priced coverage under your Bond or poor, expensive coverage. While there are many factors that affect IF you will get a Bond quote, […]

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Don’t Get “Shorted” on Wire Transfers

The past few months have seen a rise in fraudulent Wire Transfer attempts and/or forged or fraudulent foreign check cashing. With the implementation of good procedures and the use of good old common sense, you should be able to avoid most, if not all, of these types of losses. While your first line of defense […]

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The Three Elements of Cyber/Internet Banking Exposures

With all the attention and “new” products that have emerged on “Cyber Liability,” “Internet Liability” and “Cyber Theft,” it is time to simplify this area a bit. There are really only three (3) areas of “Loss Exposure” to which a Financial Institution should be concerned: First Party Exposure, Second Party Exposure, and Third Party Exposures. […]

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Risk Management & Contingency Planning

The heart of Risk Management is planning for the unexpected. On February 23rd of this year, I had a personal lesson in the unexpected. On a semi-routine hospital visit, I ended up having emergency open heart surgery (not to worry, I’m fine now and back to 100%). While this event was traumatic, the biggest shock, […]

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So what IS a Financial Institution Bond Anyway?

The most important insurance policy a bank has, and the only one that is required by the regulators, is the Financial Institution Bond. However, even as important as it is a great deal of confusion exists as to just what it covers and what it doesn’t cover. While this newsletter will hit only some of […]

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