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Internet Banking Protection Package
The American Bankers Association-sponsored insurance program announces its newest product for financial institutions - the Internet Banking Protection Package - a unique insurance package specifically designed to meet the needs of community banks engaged in Internet banking.
The Internet Banking Protection Package (IBPP) is a comprehensive insurance product, comprised of an Internet banking liability policy and an enhanced version of their existing financial institutional bond. Also, the IBPP offers optional endorsements of business interruption, public relations expense and cyber/network extortion coverage.
The IBPP fills the potential gaps in banks' traditional banking insurance policies including financial institution bond, directors & officers liability, entity errors & omissions, commercial general liability, business income & extra expense coverage, and e-insurance policies.
"After extensive research, it became apparent that the insurance industry hadn't kept pace with technology, and traditional policies didn't adequately cover losses resulting from Internet banking," said Gina Juhnke, product manager for Progressive, which underwrites the program. Even though many insurance companies had identified these gaps in coverage, according to Juhnke they have not taken the extra step to cover what is relevant to banks. "The e-insurance policies out there today are designed for e-commerce businesses," added Juhnke, "which is precisely why we have created our product - to address the specific needs of financial
institutions."
The IBPP covers liability losses from:
- invasion of privacy;
- libel, slander and defamation or other actionable oral or written disparagement;
- loss or damage to electronic data of a customer;
- denial, impairment or interruption of service;
- loss of business opportunity;
- unauthorized access to a customer account;
- infringement of copyright, misappropriation of ideas or plagiarism;
- infringement of trademark, trade name or service mark, or
- other causes of action arising directly out of the provision of Internet banking services by the bank.
The enhanced financial institution bond covers losses involving:
- theft of electronic data or property by hackers;
- damage or destruction to electronic data or computer programs resulting from hackers;
- computer viruses and employee sabotage, and
- fraudulent funds transfers initiated by fax, email or Internet access.
The American Bankers Association-sponsored insurance program, underwritten by Progressive, is a unique partnership of over 1,400 community banks, the ABA, 26 state bankers associations and Progressive Insurance. The program provides innovative coverages expanding upon the traditional financial institution bond, directors & officers liability, and employment practices
liability.
For more information on this and other ABA-sponsored insurance offerings, please call 800-274-5222.
First published on BankersOnline.com 7/2/01
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