P&C For A Bank

[MrGolf]

Has anybody on here ever done the commercial work for a bank (property, liability, bonds, etc.)? I just picked up the Workers Comp to a local bank this year and expect to take a look at the whole package next year. It is a decent sized outfit with about 18 branches in surrounding counties.

Anyone have any insight on the premium size something like this might be?

 

[Scottyj]

This is probably going to be decent sized. Good job bro ! As for the complete package i think it will be big but even bigger if they actually own their buildings. Depending on their reciepts and payroll you may be stairing down the barrell of a middle market account in some carriers eyes. Have fun, I know your bank account will

 

[MrGolf]

They do indeed own their own buildings... I think some of the bonds are what could prove to be profitable (30% commission)... They run around $8.5M in payroll, the WC was about a $22K premium but I was more glad to get it for the possibility of the rest following than anything else.

 

[sgriswold]

The package policy is the easy part - several carriers will write banks and often have special financial institution departments that will do so (CNA, Hartford, Travelers, etc.)

The HARD part is the actual "banking" insurance - and the real meat and potatoes of the insurance premium. D&O, Banking Liability, etc.

To my knowledge, if this bank is in good standing, there are only a handful of carriers that compete in this arena. In CA at least, this carrier is Progressive. Their rates are pretty much unbeatable and most carriers - even ones listed above - won't quote against them.

Good luck, though. This will be a big win if you get it!