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ForeFront Portfolio for Community Banks

Community banks are known for their personal service. It’s what sets them apart from the giant national and international banking institutions. Yet as local community banks diversify their services to improve profitability and gain customers, their exposure to lawsuits also expands.

In today’s perilous legal environment, community banks have special liability needs that may not be covered by their general liability insurance policy. The proliferation of federal and state laws governing employment makes claims by employees more common and more costly. ERISA creates significant fiduciary accountability. Fee-based services that do not meet customer expectations can trigger professional liability suits. Under the Sarbanes-Oxley Act of 2002, the SEC is empowered to impose new corporate governance requirements on most banking institutions, including community banks. Even routine management decisions can lead to claims against directors and officers, as well as the institution.

Employees, shareholders, customers, creditors, competitors, government agencies, and other third parties all can bring a wide range of actions, any of which can place the well-being of a community bank and its directors and officers in serious jeopardy.

Community banks wishing to insure against such diverse risks in the past have had to purchase several different policies and hope there would be no gaps in coverage. No more! In an effort to minimize gaps in coverage, we created ForeFront Portfolio for Community Banks to address a community bank’s most vulnerable exposures in one straightforward package. Clear and concise, the policy consists of a menu of six integrated liability coverage sections:

  • Directors and Officers (D&O) Liability
  • Outside Directorship Liability
  • Employment Practices Liability
  • Fiduciary Liability
  • Bankers Professional Liability
  • Lender Liability


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