Community Banking

Nuts & Bolts: Venture Programs (www.ventureprograms.com) introduced Venture Banking, tailored specifically for commercial banks, savings and loans, and credit unions with less than $1 billion in assets. By integrating all key liability, fidelity and property insurance features needed by community banks, the program minimizes potential coverage gaps and provides streamlined underwriting capabilities. Venture Banking provides agents and brokers with access to Chubb’s banking package, which consists of three broad policies that can be integrated to provide comprehensive coverage: 1) Forefront—which integrates Fiduciary, EPLI and outside directorship with options for bankers’ professional and lending liability. With limits to $25 million, the policy features entity protection against securities claims, employment practices liability and loss prevention services. It also includes a “duty to defend” provision that provides community banks with access to local and regional legal counsel in a suit brought by a third party. 2) Forefront Security—which integrates financial fidelity, electronic and computer crime, workplace violence and kidnap/ransom and extortion insurance. It includes protection against check kiting and Internet-related fraud, with limits to $25million. 3) Customarq Limited—which includes property, boiler machinery and general liability insurance. It has an automatic $100,000 blanket limit for accounts receivable, Electronic Data Processing property (including ATMs), and other subjects of insurance. Protection also includes backup of sewers, drains, seepage and sewage water. Venture Banking also offers additional coverage for workers’ comp, excess and umbrella liability, commercial auto, mortgage protection and mail insurance.

Carrier: Chubb Group of Insurance Companies (Chubb), rated “A++” (Excellent) by A.M. Best.

States Available: All.

Contact: Dave Russo, (800) 282-6247