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Bahr Consultants

Protecting Yourself As A Bank Director

There is a Far Side cartoon that has two deer standing next to each other. One of them has what looks like a shooting target on his chest. The other deer says, “Dude, bummer of a birthmark.” Many bank directors these days are feeling like that deer with the target birthmark. If anything goes wrong […]

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Rated Your Insurance Company Lately?

Financial Institutions are almost obsessed with their FDIC “CAMEL” rating, and for good reason says Hank Bahr. A poor rating can result in “Memos” or “Cease and Desist” orders, which may scare customers into changing financial Institutions. But did you know your insurance company also gets “rated?” Companies like Standard & Poors, Weiss and Dun […]

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Why Review Your Bank’s Insurance?

All financial institutions’ bond applications and/or directors’ and officers’ liability applications ask if your directors “review” the insurance at least once a year says Hank Bahr. A CPA audit will include questions to be sure the board “reviews” the insurance once a year as well. Unfortunately, this “review” usually consists of the bank board looking […]

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Got a Website? – Got Insurance for It?

Just because your website does not have online banking does not mean you cannot have a Cyber Liability loss. Your website is the world’s window/doorway to your public image. What can happen? Here are two examples: A disgruntled loan customer hacks into your website and puts on it a list of 10 reasons not to […]

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Should you bid your insurance program? Maybe not!

Surprisingly, the answer may be “no.” (1) If you have bid your program within the last 12 to 24 months, you probably shouldn’t bid your program. Insurance companies will not give you their best quote if they feel you are going to “shop” them each year. Exceptions: a. vastly improved financials (yours) b. insurance market […]

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FIL-47-2013, October 10, 2013

The recent FDIC Financial Institution Letter emphasizes the importance on the board of directors’ choice and understanding of D&O Liability coverage. It highlights the need for a bank board to base its choice on a “well-informed analysis of costs and benefits.” It also stresses the need for the board to know the answers to such […]

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UNIQUE INSURANCE EXPOSURES FOR BANKS

There is no doubt that the Bond and Directors and Officers Liability policies are uniquely specific to a financial institution. So much attention is spent on these two policies that little attention is given to the other insurance policies purchased by a bank. This article will focus on just a couple of other areas of […]

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Unique Liability Risks of Banks – or – Sneaky ways you can get sued!

Financial Institutions have their own unique exposures when it comes to lawsuits. Our legal friends seem to like to pick on banks for the same reason John Dillinger went after them, “that’s where the money is!” The modern banker needs to be aware of these unique risks and how to protect their bank from loss. […]

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Things You Don’t Want in Your Bond

Most of my e-mails have been concerned with what needs to be included in a particular insurance policy. This newsletter will be concerned with items you DON’T want in your Financial Institution Bond. In particular, it will discuss the Loss Sustained Endorsement, the Aggregate Limit, an endorsement deleting or adding an employee, and a less […]

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Random Insurance thoughts

I have decided to add an ongoing Blog to my website about random insurance questions and/or thoughts that occur to me from time to time. I welcome your comments and responses. Today I’d like to talk a little bit about Mortgage Errors and Omissions insurance. This is probably one of the more misunderstood coverages a […]

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