Lowering Your Financial Institution Bond Cost

Usually, the largest part of a community bank’s insurance program is its financial institution bond premium. While there aren’t many ways to lower this premium, many banks to not take advantage of the opportunities that are available to them; thus, they lose the chance to lower their premiums significantly.

Insurance companies differ somewhat in the credits they apply to their rates, but most base their premiums on limit size, coverage selected, deductible size, loss experience, type of CPA audit, number of employees, number of locations, and financial condition.

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