In these times of heightened awareness of corporate governance, it is vital that bank directors, officers and committees have the necessary resources to make the right decisions. ARMC is a recognized advocate for banks and other financial institutions by helping them identify and manage insurable risks of loss with objective and uncompromised advice. To compete in the marketplace, financial institutions are aggressively providing “non-traditional” services such as insurance, securities, and e-banking which create new exposures not previously contemplated in standard general and professional liability policies. We can help you identify these risks and assist in ensuring that they are properly covered. Here are several examples of how we have assisted our Financial Institution clients:

• Improving a publicly owned institution’s directors’ and officers’ liability policy to substantially enhance coverage and limits protection from stockholder suits. 
• Satisfying an audit committee’s request for a detailed risk and insurance assessment of the entity’s financial protection. 
• Rearranging insurance coverage to close the gap in internet liability protection.
• Satisfying a board’s request to benchmark their directors’ and officers’ liability and bond limits, deductibles and costs. 
• Identifying and correcting the gaps in privacy violation coverage (to comply with Gramm-Leach-Bliley) between the general liability policy and the professional liability/ directors and officers liability policy. 
• Assisting loan officers in arranging and monitoring comprehensive insurance requirements in loan agreements so that the lender’s interest is properly protected. 
• Coordinating property and liability coverage for mortgaged, real estate owned, forced placed, and trust department properties.

For more information regarding our financial institution practice group please call 781-449-2866 and ask for Chuck Soucy or click here to send an email.