PROGRESSIVE UNVEILS IBPP

The Professional Liability Group of the Progressive Corp. introduced an Internet Banking Protection Package (IBPP), providing coverage for community banks engaged in Internet banking. Comprised of two interconnected policies, the Internet Banking Liability Policy and an enhanced version of the existing Financial Institution Bond, the IBPP product designed is to fill the potential gaps in banks’ traditional banking insurance policies. The Internet Banking Liability Policy broadly covers liability losses arising from the provision of Internet banking services. The enhanced version of the Financial Institutional Bond extends coverage to the Internet realm—including loss resulting from the fraudulent transfer of funds through the Internet or a PC/home banking program by a dishonest employee, a customer or a third party. Reconstruction costs due to the destruction of data or programs caused by hacker or virus activity are also covered. The IBPP is available through the American Bankers Association-sponsored insurance program.