Bankers Cooperative group

Specialty P&C

We doubt you would drive 50,000 miles without changing the oil in your car or visit a podiatrist for a toothache.

So . . . when was the last time you had a thorough and complete audit of your bank’s Directors & Officers, Fidelity Bond and other specialty lines programs? And . . . is your current agent or broker the right professional for the job?

Most agents and brokers lack the experience of underwriting specialty lines programs for banks. This is primarily due to the fact that they have few bank clients for developing their skills and keeping on top of banking issues. Additionally, their commercial package background is not equally transferrable to the specialty lines discipline for identifying gaps and proposing solutions.

In 1994, BCG entered into a mutual cooperation agreement with Gronczniak Specialty Lines, Inc. (GSLI) to act as a wholesale broker and centralize specialty lines marketing, consulting and proposal writing services for NJBankers members. Together, BCG/GSLI have provided Directors & Officers, Fidelity Bond, Employment Practices Liability, Internet Liability, Debit Card, Mortgage Impairment and related programs to more than forty banks.

In marketing a bank’s coverage, BCG/GSLI attempts to secure the best possible coverage and pricing by creating a “feeding frenzy” amongst insurance companies. BCG/GSLI starts the process with a detailed audit of expiring coverage in order to provide competing insurance companies a clear picture of program structure. From this starting point it is then possible to request specific coverage improvements for the renewal.

BCG/GSLI has consistently proven that when all interested insurance companies are aware of each other’s presence in the bid process, underwriters respond with their sharpest pencils the first time. The Marketing Results Summary BCG /GSLI presents to management with all competing quotes synthesizes and details the three most frequently questions asked by our clients:

  • How does the premium for the renewal coverage compare to my expiring premium?
  • How does the proposed coverage compare to my expiring coverage?
  • How can I evaluate such complex insurance programs and be confident of making the best purchase decisions?

Our Marketing Results Summary is not a boiler plate comparison. We have not seen any other industry presentation which provides the breadth of detail to cover all the decision points needed to make an informed buying decision. Each quote is audited on its individual merits. BCG/GSLI has developed a standardized audit checklist of features, exclusions and limitations for consistency in checking each quote.

As the general tendency of most insurance companies is to provide concessions to brokers who control significant amounts of volume, the BCG/GSLI relationship commands greater leverage than facilities that may only have one or two bank clients. BCG/GSLI clients are the beneficiaries of not only a facility that specializes in banks as a class of business, but also routinely receive coverage endorsements which brokers with less experience are unaware.

BCG/GSLI transacts specialty lines insurance business on a “brokerage fee” basis to eliminate an industry problem of “steering” banks to a particular insurance company because of more lucrative commission schedules. Additionally, we do not have any insurance company volume commitments to act against the best interests of your bank.

We hope you will recognize the value of having an insurance broker that specializes in claims made forms and in specialty lines programs for banks. We would welcome the opportunity to further discuss our approach for protecting your bank’s assets, directors, officers and employees. We look forward to hearing from you.

PDF File Marketing Results Summary