A comprehensive insurance portfolio customized for your needs
We developed Gallagher Banking Pro by identifying contemporary risks and providing a wide range of coverage to address today's banking concerns, including financial institution bond, bankers professional liability (BPL), cyber liability insurance and more. Our product is designed for, but not limited to, banks with assets totaling $15 billion to approximately $175 billion.
Financial institution bond — Gallagher Banking Pro eliminates significant obstacles to coverage often found with standard bond products, including multiple exclusions, burdensome conditions and, in some cases, outdated coverage. We offer concise coverage to eliminate ambiguity that could lead to denial of a bond loss claim.
Bankers professional liability (BPL) — Gallagher Banking Pro mitigates problems many banks face while trying to obtain coverage under traditional BPL policies. We offer robust risk management frameworks that don't limit the ability of banks to achieve adequate risk transfer when using BPL, unlike traditional policies that have made exclusionary language more restrictive and are slow to develop significant coverage extensions.
Benefits you'll receive with Gallagher Banking Pro include:
- Comprehensive lenders liability coverage
- Extensive trust department liability coverage
- Coverage for regulator claims
- Broad definition of professional services
- No exclusion for investment banking
- Defense costs coverage for allegations of disgorgement
Cyber liability — We understand the value of including cyber insurance as part of a cohesive structure, and Gallagher Banking Pro enables banks to have the same insurers for their bond, BPL and cyber, providing improved consistency in the event of a claim. This approach means if you need to submit a claim there will be only one claims notification channel, for swifter communication and greater consistency for your business.
Non-standard coverages — Gallagher Banking Pro encompasses many non-standard coverages typically more difficult to obtain through traditional policies, including:
| Extortion |
No |
Yes |
| Servicing contractors |
No |
Yes |
| Bank cards* |
No |
Yes |
| Social engineering fraud |
No |
Yes |
| Asset-based lending fraud* |
No |
Yes |
| Warehouse lenders' money and collateral |
No |
Yes |
| Erroneous transfers |
No |
Yes |
*Subject to a full underwriting review of controls.
Customized, streamlined and economical solutions for banking's modern risks
Gallagher Banking Pro's contemporary customized solutions offer comprehensive and concise coverage that protects your bank against liability exposures today and in the future. We consolidate coverage under a single carrier to simplify the claims process, reducing the number of parties involved and minimizing potential coverage gaps. Our team of experienced professionals works with you to understand your needs, identify your unique risks and establish your priorities to deliver solutions that work for you at a competitive rate, while providing you with confidence every step of the way.
