US-based Fortegra Specialty Insurance Company (FSIC) has entered a partnership with Rockwood Programs to provide financial institutions with customised management and professional liability insurance offerings.
The collaboration benefits mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds and similar organisations.
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The new solution is being delivered under the brand name of Bankers Defender.
It has liability limits of up to $5m on all lines excluding employment practices, which offers a maximum coverage of $2m. Financial institution crime bonds are also added in Bankers Defender.
Management and professional liability offerings feature directors and officers, errors and omissions, as well as employment practices, lender liability and others.
Fortegra Specialty Products and Programs vice-president Cooper Wallach said: “In all our partnerships, we seek to pair innovation with expertise.
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By GlobalData“The combination of experienced underwriters, advocacy defence, dedicated claims response team, and loss prevention tactics, will position our policyholders for long-term success.”
FSIC’s parent company Fortegra currently offers underwriting risk management solutions through its subsidiaries, along with admitted and non-admitted insurance products, among others.
In February this year, the speciality insurer announced the acquisition of a majority stake in Premia Solutions.
Rockwood Financial Institution division vice-president said: “The dynamic nature of our nation’s economy can have an adverse impact on the banking industry.
“Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events.
“The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance.”
