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Key Resources for ABA Insurance Services Insureds and ABA Members
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
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ABA Insurance Services serves the banking industry by offering D&O, bond, property and casualty and related insurance to community banks across the country. This unique bank-owned and banker-directed insurance program has been a market leader for twenty-six years and is recognized by insurance and banking professionals as a secure, stable and affordable source of coverage. With a sustained market share of over 20%, the program insures banks in all 50 states. For 23 consecutive years, a distribution from the program's mutual reinsurer, American Bankers Mutual Insurance Ltd., has been declared to ABA member banks, totaling $77.9 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
- Exclusive focus on community banks.
- Opportunity to participate in a distribution program that has declared $77.9. million in total distributions to participating banks.
- Wide array of coverage options to fit a bank’s unique insurance needs.
- Free loss control resources available, including e-newsletters, special reports and claims bulletins.
- Experienced underwriting and claims staff, many with banking or regulatory backgrounds.
- In addition to the ABA, the program is an endorsed by or is a preferred program of 28 state bankers associations.
- We work directly with you or with your trusted insurance agent.
COVERAGES
Professional Liability:
- Directors and Officers Liability
- A-Side Plus®
- Bankers Professional Liability
- Broad Form Company Liability
- Employment Practices Liability
(Employment Practices Loss Control Resources are available)
- Internet Banking Liability
- Lender Liability
- Privacy Liability
- Trust Services Liability
Bond:
Property & Casualty, including:
- Property
- General Liability
- Automobile
- Umbrella
- Workers Compensation
HOW TO APPLY
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
Twitter @ABAInsSvcs
CAB CONTACT PERSONS
John Wolff Tel: (202) 663-5486
Monica Condon Tel: (202) 663-5475
ABA Insurance Services Inc. dba Cabins Insurance Services in CA, ABA Insurance Services of Kentucky Inc. in KY, and ABA Insurance Agency Inc. in MI. Coverage is subject to underwriting guidelines and may not be available in all states.