Bud Scully, Chairman
Joe Scully, President
|
February 19, 2009
ATTENTION!
Due to the current stress that financial institutions are experiencing, many of the companies insuring community banks are reducing limits, modifying terms and conditions, increasing premiums or even non-renewing policies. This is a critical time to take a serious approach to your insurance program.
We at Financial Guaranty Insurance Brokers, Inc. (FGIB), strongly recommend that you start your renewal process a minimum of 90 days prior to expiration of your renewing policies.
We recommend the following steps:
-
Review your current policies with your broker;
-
Determine what companies maybe interested in quoting your account at renewal;
-
Have a meeting with your underwriter at your bank, so you can get a feel for what they may consider offering at renewal;
-
Seriously consider purchasing increased limits, if available;
-
If your policy is going to be non-renewed, know what your rights are!
DON’T BE STUCK WITHOUT COVERAGE.
FGIB specializes in insurance for financial institutions, with approximately 100 bank clients, most of which are in California. We are members of the Western Independent Bankers, National Association of Chinese American Bankers, California Bankers Association, Community Bankers of California, and International Financial Institutions Association of California. We are ready to answer any questions you may have.
by Joe Scully |
|
