Simmonds on Bank Insurance
Insurance from an Unbiased Point of View - For Banks
"Your work for us is as important as any insurance policy we buy."
Bill Swales, Bangor Savings Bank
“Your involvement has been of great value as we work through complex insurance issues. The detailed support you provided helped us strike a better balance between coverage and premiums during our last renewal. I appreciate your responsiveness and the fact that you’re only a phone call away for insurance information and assistance.”
Steve Closson, Androscoggin Savings Bank
Typical Bank Consulting Projects & Client Results
Due Diligence Coverage Analysis
A comprehensive review of your bank's exposures and your current insurance program. What are the coverage gaps and overlaps? Are you working with the right insurance company? |
Results Include: Lower insurance costs. Greater understanding of what insurance covers and what it does not cover. An independent, unbiased evaluation of your insurance. Elimination of policy gaps and overlaps. |
Bid Management / Renewal Assistance
Use competition to get the best price and coverage for your bank. Assistance in the selection of qualified insurers and the analysis of the proposals offered.
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Results Include: Your bank obtains the best coverage and price the marketplace has to offer. Unbiased assistance in the review and selection of the right insurance program. |
Insurance Management Services
How do you manage the entirety of your insurance program? What issues should be considered at renewal? Is the time right for your agent to provide alternative quotations? What loss control services should your insurer provide? What claims management issues need to be addressed?
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Results Include: Reduction in the administrative burden insurance places on your bank. Streamlined insurance management. On-call expert assistance with any insurance matter - coverage, premium, or claims. |
Claims Assistance
Is the insurance company handling your claim properly? Is the offered settlement fair based on the coverage you purchased? Is a claim denial appropriate? What coverage should have been in place?
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Results Include: Equitable loss settlements from your insurance company. Unbiased interpretation of how your coverage applies to the events that occurred. Assistance navigating the process. Faster resolution of claims. |
Member of the Maine Bankers Association, the Maine Association of Community Banks,
and the Massachusetts Bankers Association
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