As a new year kicks off and you review many of your processes and providers, I’m sure insurance will be a larger item that you review closely. In today’s business climate, insurance is something that needs to be right! If the bank’s coverages aren’t adequate, it can lead to larger problems when a claim needs to be filed. Banks are unique regarding the types of insurance necessary to provide you with the peace of mind that your institution is appropriately covered. At the same time, you want the pricing for those coverages to be competitive and not inflated above the market.

IBA Insurance Solutions, an IBA partnership, is a tremendous partner to banks throughout Indiana, Kentucky, Ohio, West Virginia and Florida. With over 47 years of collective experience, Chuck and Brandon Maggard are committed to finding innovative ways to negotiate more comprehensive coverage terms and better pricing while reviewing and recommending important, increasingly complex decisions on insurance coverages and limits.

IBAIS only works with banks and, therefore, knows the appropriate insurance coverage for banks of varying size and complexity. They are in constant communication with their clients as well as the insurance carriers and know the hot issues in the industry and what should be included in your policies. The same coverages you had in place 20, 10 or even five years ago may not be sufficient today in the face of rapidly changing digital transactions and increased compliance burdens. The IBA Insurance Solutions team understands how your business works, the unique needs of banks and how these needs continue to change.

An insurance partner, completely specialized in the area of banks and their ever-changing needs, creates a trusted, knowledgeable adviser your institution can rely on. Our industry and our members deserve unbeatable service and unbeatable coverage, and we believe IBA Insurance Solutions is that partner.

During the five years of our partnership, they have helped nearly 40 Indiana banks with some form of coverage, including property/casualty, collateral protection, bond/D&O, cyber/breach response and fee-income programs. IBAIS offers value-added services such as free policy/coverage reviews and dedicated client service professionals.

IBA Insurance Solutions will complete a free comprehensive due diligence review of all carriers of bank-related insurance offered. This ensures an unbiased perspective of your current policies and will result in honest, valuable insights about the products you depend on to support your bank.

The IBA staff is committed to providing Indiana bankers with the products and services necessary for success. Banking is challenging enough with the red tape, fine print and never-ending legislation and regulations. You don’t need insurance to be difficult as well. This is the opportunity you deserve to make purchasing insurance simple. You can now purchase insurance from your association’s affiliate agency — an agency that knows banking inside and out.

Our insurance team, IBA Insurance Solutions, is ready to review your coverages today. Please contact Chuck Maggard at CMaggard@INBankersIns.com or (317) 489-6928; Brandon Maggard at BMaggard@INBankersIns.com or (317) 489-6929; or contact me at the IBA offices, (317) 387-9380 or RLasley@indiana.bank.