Owned and operated by the MBA and the Wisconsin Bankers Association, Midwest Bankers Insurance Services (MBIS) is insurance for banks, from people who know banks. Each of MBIS’ financial products is designed to protect financial institutions, their officers, directors and employees from disasters of all kinds. MBIS designs and secures programs specifically for community banks located in the Midwest, and it exclusively serves the financial industry. MBIS offers three distinct lines of coverage to help your bank be ready for the unexpected.
Property and Casualty
The three property and casualty lines of coverage MBIS offers banks are Property & Casualty, Umbrella Liability and Workers Compensation. The Property & Casualty policy protects bank owned buildings, personal property and data processing equipment from physical damage losses. Umbrella Liability can protect the bank against losses that exceed the underlying limits under general liability, business auto liability and employers’ liability. Workers Compensation, of course, provides wage replacement and medical benefits to employees injured in the course of employment.
Lending Related Lines
Every bank’s lending strategy and focus is unique, and so are their lending related insurance needs. To accommodate that diversity, MBIS offers four types of policies to help banks protect their loan assets. Master Property policies protect many types of risks, including physical damage to foreclosed property. This product can also be used to force place insurance on those borrowers who are uninsured. The comprehensive Mortgage Protection policy protects the bank’s real estate secured loan portfolio and secondary market portfolio from physical damages loss, and allows each bank to choose between various levels of protection. Lenders Single Interest policies protect the bank’s interest in titled property including autos, boats, motorcycles, etc. Finally, the Flood Compliance Solutions program incorporates flood certifications, borrower purchased flood insurance, lender force placed flood insurance and notification to all real estate borrowers that flood insurance is available.
Professional Lines Coverage
MBIS offers four professional lines of coverage, including Financial Institution Bond coverage to protect your bank against dishonest fraudulent acts committed by employees, customers or third parties. Directors and Officers Liability insurance policies protect your bank and its leaders from monetary demands and lawsuits. Cyber Liability policies protect the bank from losses arising out of electronic theft of customer information. Finally, Excess Deposit Bond coverage allows the bank to seek high-value deposit customers while protecting those deposits above the FDIC insurance limits.
As an insurance agency run by those defending and advocating for banking, you can rest assured MBIS will always have your best interests in mind. As an independent agency, MBIS has access to a variety of insurance providers to help them tailor bank plans to meet specific needs.