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Bond and D&O Insurance Coverages
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The ABA-Sponsored Insurance Program, underwritten by Progressive, offers ABA member banks the opportunity to receive a profit-sharing check while also getting competitive, high-value Bond and D&O coverage. Reinsured through ABPFIC, a record $5 million in profits is to be shared by 1,053 ABA member banks in 2008—over 100 more banks than last year. The average check amount is $4,745.00. Since 1991, the program has declared $63.5 million in profit-sharings. Read press release. |
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| STAMP Surety Bond | Employment Practices Helpline | Internet Banking Liability Insurance |
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For ABA Members -- Mission Critical Insurance...
The ABA-sponsored Insurance Program is a unique partnership of more than 1,700 community banks, the ABA, 28 state bankers associations, and Progressive. With the knowledge of professional bankers and the strength of an A+ rated insurance company, the ABA-sponsored Insurance Program was created specifically to address the needs of community bankers for professional liability and fidelity insurance coverages.
In addition to broad coverages and free loss control programs, the program distributes profits to ABA member banks, who automatically become owners of the mutual reinsurance company, ABPFIC. Since 1991, approximately $63.5 million in profits has been shared by nearly 1,700 community bank partners.
- Innovative coverages such as A-Side Plus and Privacy Protection to address bankers' evolving needs
- Profit sharing distributions ($67.5 million to date!)
- Loss control information resources such as the SafeTalk loss control newsletter and SafeAlert bulletins
- Loss control tools such as the Employment Practices Helpline for policyholders of the program's Employment Practices Liability coverage, and the eRisk Hub Web site and Incident Helpline for policyholders of the program's Internet Banking Liability coverage
- Experienced underwriters who understand bank operations and design coverage programs to address the specific needs of each bank
- Membership in a unique partnership
- Will work directly with you or your trusted insurance agent
COVERAGES
Professional Liability
Bond Insurance
HOW TO APPLY
Progressive Casualty Insurance Company
5920 Landerbrook Drive
PLG-L21
Mayfield Heights, OH 44124
Contact: Judi Kovach
E-mail: jkovach@progressive.com
Tel: (800) 274-5222
http://banks.progressive.com/
CAB CONTACT PERSONS
John Wolff Tel: (202) 663-5486
Monica Condon Tel: (202) 663-5475
Questions? Please contact Jackie Lucas for more information.