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ABA Insurance Services
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KEY RESOURCES FOR ABA INSURANCE SERVICES INSUREDS |
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ABA provides its members with unparalleled products and services to help your bank compete and succeed. ABA's extraordinary resources and staff expertise are available to every employee of a member bank. If your bank is an ABA member, you and all other employees at your bank can take advantage of numerous industry resources through the association:
Learn about other ABA Member Benefits here. |
For ABA Members -- Mission Critical Insurance...
ABA Insurance Services Inc. offers D&O, bond and related insurance to financial institutions. This unique banker-owned and directed program insures banks across the country, offering coverage from an A.M. Best A+ rated carrier. ABA member banks insured by ABA Insurance Services participate in a unique profit-sharing feature. For 22 consecutive years, a distribution from the program's mutual reinsurer, American Bankers Mutual Insurance Ltd., has been annually declared to ABA member banks, totaling $76.8 million.
BACKGROUND
The insurance program dates back 25 years. During the mid-1980s, when it became difficult for financial institutions to obtain affordable insurance, the American Bankers Association formed a mutual reinsurance company—now named American Bankers Mutual Insurance (ABMI)—and created the ABA Sponsored Insurance Program to assist banks. In 2010, ABMI acquired full ownership of the program from The Progressive Group of Insurance Companies and changed the name to ABA Insurance Services.
PROGRAM BENEFITS
- Opportunity to participate in a profit-sharing program which has declared an annual distribution to participating ABA member banks for 22 consecutive years totaling $76.8 million.
- Twenty-five years insuring community banks.
- A+ rated insurance carrier (A.M. Best).
- Innovative coverage features, such as a new Social Networking Endorsement to address banks' evolving needs.
- Loss control resources such as the SafeTalk e-newsletter and bulletins are provided. Banks that purchase Employment Practices Liability Insurance can access a dedicated Employment Practices Helpline and Web site at no additional cost.
- Experienced underwriting and claims staff, many with banking or regulatory backgrounds.
- Unparalleled customer service standards.
- Easy to apply—simply submit your current carrier's applications.
- In addition to the ABA, the program is an endorsed or preferred program of 28 state bankers associations.
- We work directly with you or with your trusted insurance agent
COVERAGES
Professional Liability
(Employment Practices Loss Control Resources are available)
Bond Insurance
Contact: Michael J. Read
Tel: 800-274-5222
E-mail: mread@abais.com
ABA Insurance Services
5910 Landerbrook Drive, Suite 100
Mayfield Heights, OH 44124
www.abais.com
CAB CONTACT PERSONS
John Wolff Tel: (202) 663-5486
Monica Condon Tel: (202) 663-5475
Questions? Please contact Jackie Lucas for more information.