Insuring Safely and Locally

MBIS provides insurance for banks by people who know banks

By Daryll J. Lund

For over 10 years, Midwest Bankers Insurance Services (MBIS) has saved bankers throughout the Midwest time, money, and the headache that comes with disasters of all kinds.

MBIS is co-owned by the Wisconsin Bankers Association (WBA) and the Minnesota Bankers Association and is endorsed by the North Dakota Bankers Association. As our independent insurance agency focused exclusively on serving and educating community banks in the Midwest, our team of dedicated individuals is equipped with three distinct lines of coverage that will help prepare your bank for the unexpected.

Professional Lines

MBIS offers banks three professional lines of coverage including financial institution bond, directors and officers liability (D&O), and cyber/privacy liability. Whether your bank is seeking policies that will protect the bank from losses arising out of electronic theft of customer information; protection against dishonest fraudulent acts committed by employees, customers, or third parties; or a combination of all of these — MBIS has your best interest in mind.

Property and Casualty Lines

It is important to ensure the safety of what makes up your bank. MBIS’ five lines of coverage including property coverage, general liability, business auto, umbrella liability, and workers’ compensation offer flexibility and peace of mind for every aspect of your bank.

Property coverage protects bank buildings and business personal property from physical damage; general liability protects the bank from customer or third-party personal injury claims on premise; business auto coverage, includes physical damage and liability of owned autos, repo autos, non-owned autos, and hired autos; umbrella liability, provides excess liability over general liability and business auto liability limits; and workers’ compensation is for employment-related injury or illness and covers lost wages and medical expenses.

Lending-Related Lines

Finally, MBIS understands that every bank approaches lending from a unique perspective. With that, our team will tailor your plan to the specific needs of your bank. To protect your loan assets, MBIS has four types of policies for banks to consider. Mortgage protection/errors and omissions (E&O), which covers physical damage losses to the bank’s real estate portfolio if the borrower doesn’t have insurance and property goes into foreclosure. Lenders Single Interest covers the bank’s auto, truck, boat, snowmobile, ATV, etc. for losses if the borrower doesn’t have insurance and chattel is repossessed with physical damage. Force placed hazard and flood provides coverage to borrower, and MBIS’ Flood Compliance Solutions program incorporates flood certifications, borrower purchased flood insurance, lender force place flood insurance, and notification to all real estate borrowers that flood insurance is available.

Rest assured that your bank will be covered no matter what life throws at you, and save yourself the headache later by investing now in competitively priced, top-of-the-line policies offered by MBIS.

Contact Jeff Otteson at 608-217-5219 or jeffo@mbisllc.com to learn more about what MBIS has to offer for your bank.