In response to the increasing complexity of community banking, the American Bankers Association-sponsored insurance program, underwritten by Progressive Casualty Insurance Co., has released a new directors and officers/company liability policy for financial institutions.
The new policy allows bankers to protect the directors, officers and the bank itself against exposures arising from the many services they now provide, under either a broad-form contract or on an individual-named-peril basis.
Since the Gramm-Leach-Bliley Act of 1999, community banks have ventured into activities well beyond the traditional banking arena.
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