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Boards of directors today face greater challenges. Be sure your financial institution is properly protected.

FGIB:Providing Sound D&O Insurance Solutions

The boards of directors of community banks and other financial institutions today face a plethora of risks due to a number of factors: increased regulatory scrutiny; a heightened focus by the U.S. Securities & Exchange Commission (SEC) on enforcement of ‘gatekeeper’ duties; the increased globalization of even smaller businesses; and increased vulnerabilities to fraud, cyber risks, and environmental issues, among others. Even day-to-day management decisions can lead to claims against directors and officers, as well as the institution itself.

Financial Guaranty Insurance Brokers (FGIB) works with top-tier insurers that specialize in writing Directors & Officers (D&O) Liability insurance programs for community banks, commercial lenders, Financial Technology (FinTech) companies and other financial institutions.

Who is Insured Under a D&O Policy

D&O insurance policies offer liability coverage for company managers to protect them from claims that may arise from actual or alleged wrongful acts when acting in the scope of their managerial duties or while serving on the company’s board of directors. Policies can be designed to:

Cover the personal liability of company directors and officers as individuals (Side A Coverage).
Reimburse the insured company in the event it has indemnified its managers in order to protect them (Side B Coverage).
Ensure there is corporate coverage whenever the corporation is sued along with the directors and officers (Side C Coverage).

A D&O policy will pay for costs incurred in defending the matter as well as financial losses sustained by the covered individuals and the company. In addition, extensions to many D&O policies cover managers’ costs generated by administrative and criminal proceedings or in the course of investigations by regulators or criminal prosecutors. A D&O policy does not cover fraudulent, criminal or intentional wrongful acts.

Financial institutions are under continuous scrutiny from shareholders, creditors, employees, regulators, and other interested parties. At FGIB, we can help protect you and your directors against the myriad of D&O exposures you face with a comprehensive, tailored policy to meet your needs.

WHAT OUR CLIENTS ARE SAYING

“Words cannot express my sincere thanks to FGIB. In 2009 our bank was put into a regulatory C & D. Our Fidelity and D & O Bond was cancelled, without notice, from a company that the bank had been with for over 20 years. The cancellation shocked us, since we had an additional 17 months until the Bond’s expiration date.

It was an extremely difficult time for our bank. Fortunately, we were put in contact with FGIB. FGIB was able to find reasonable coverage for our Fidelity and D & O Bond, when no one else would. We have been a customer ever since. We appreciate FGIB’s honest, personal, and professional service.”

John G. Sorensen, Jr., President

Home Savings Bank

“We have known Financial Guaranty for more than ten years. They have proven to be an important resource and business partner for the bank, and have earned all of our business because of their knowledge of the market, great customer service, sound advice and outstanding staff. I have never hesitated to refer other financial professionals to FGIB because I know that FGIB can get the job done for them.”

Wes Schaefer

American Business Bank

Providing Solutions that Align with Your Business Needs

Our vast network of contacts, through industry organizations, long-established relationships and years of service to the financial industry and beyond, enables FGIB to sort through the complexity of choices to recognize the right fit for your organization. We know your industry and understand how to secure the appropriate insurance solutions. We are licensed in the majority of states and are ready to serve you. Give us a call at 626.793.3330.