Fortegra Specialty Insurance Company (FSIC), a subsidiary of The Fortegra Group, Inc. (Fortegra), and Rockwood Programs, Inc. have partnered to develop specialised insurance products tailored to the unique liability exposures faced by financial institutions.
Under the brand name Bankers Defender, the comprehensive solution is designed to address the needs of mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds, and similar entities.
William Hess, Vice President of Rockwood’s Financial Institution Division, highlighted the challenges faced by the banking industry due to the dynamic nature of the economy.
“Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events. The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance.”
Bankers Defender offers comprehensive coverage with liability limits of up to $5,000,000 on most lines, except for Employment Practices, which has a maximum limit of $2,000,000.
The product lineup includes Directors & Officers, Errors & Omissions, Employment Practices, and Lender Liability insurance, among others. Additionally, financial institution crime bonds are available to policyholders.
Glenn W. Clark, President of Rockwood Programs, emphasised the proactive approach taken by Bankers Defender. In addition to insurance policies, policyholders are provided with additional support such as risk mitigation practices to avoid losses, claim advocacy, and legal assistance from Wilson Elser, a renowned international law firm known for its advocacy defense.
Cooper Wallach, Vice President of Specialty Products and Programs at Fortegra, highlighted the strategic partnership between the companies, combining innovation with expertise. By leveraging the experience of experienced underwriters, advocacy defense, a dedicated claims response team, and loss prevention tactics, Bankers Defender aims to position policyholders for long-term success.
