The Independent Community Bankers of America announced the launch of The St. Paul’s enhanced directors and officers liability product through SelectOne(SM) for Community Banks. Available through the ICBA/St. Paul Insurance Program, SelectOne offers members $1 million in additional coverage for directors and officers-included automatically with no added premium.
The extra coverage is on top of the directors and officers liability policy limits elected by the bank, and is dedicated solely to protecting the bank’s directors and officers. The coverage cannot be eroded by payments made under the policy to the bank for its own indemnification obligations or liability, or for payments to bank employees (other than officers), or by payments made under any other insuring agreement of the policy. The enhanced coverage will be offered to all community banks that establish a new policy for directors and officers liability protection through the ICBA/St. Paul Insurance Program, and to banks that already receive this coverage at the time of renewal.
Nearly one-third of all ICBA-member banks participate in the ICBA/St. Paul Insurance Program and have noted its advantages, including: the safety group dividends, awarded to participating banks that succeed at reducing insurance claims in the workplace. To date, this has reportedly resulted in nearly $10 million in payouts to member banks since 1983.
For more information about the ICBA/St. Paul Insurance Program and SelectOne, contact Craig Collins of The St. Paul at: email@example.com.
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