NEWS RELEASE 2007
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

Progressive Insurance Contact: Judi Kovach
(800) 274-5222
E-mail: jkovach@progressive.com

ABA INSURANCE PROGRAM INTRODUCES MORE

PROTECTION FOR COMMUNITY BANK DIRECTORS

            WASHINGTON, Oct. 8 – The American Bankers Association today announced that the ABA-sponsored insurance program, underwritten by Progressive Casualty Insurance Co., has introduced a new coverage to address bank directors' concerns regarding their personal liability.

            The new coverage, called “A-Side Plus”, expands the directors and officers’ policy by providing a separate, dedicated limit of liability to protect bank directors when they can not be indemnified by the bank.   In addition, the coverage is not rescindable for any reason and extends to suits typically excluded in D&O policies, such as those brought by whistleblowers or alleging illegal profit.

            "Because the program is dedicated to community banks, bankers know that solutions such as A-Side Plus have been designed to meet their specific needs, without adding unnecessary complexity and expense," said Edward L. Yingling, ABA president and CEO.

            The ABA-sponsored insurance program, which celebrates its 20-year anniversary this year, most recently introduced Privacy Liability coverage to address unauthorized access to confidential customer data and provide reimbursement for expenses incurred by banks when notifying customers, reissuing accounts and providing credit monitoring services to monitor potential fraud.  The program offers directors and officers' liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products for community banks.

                The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry.  Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country. 

                The American Bankers Professional and Fidelity Insurance Company is a bank-owned, mutual insurance company that reinsures coverages underwritten by the Progressive Casualty Insurance Company (Progressive) in Mayfield Village, Ohio.

                Progressive has earned an "A+" (Superior) rating from A.M. Best Company and can be accessed by independent insurance agents.  An A+ rating by Best's reflects the strength of a company's balance sheet, operating performance and business profile. For more information call Judi Kovach at (800) 274-5222 or visit the Web site at banks.progressive.com.

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