BancInsure Insurance

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Company Details
Address:

5104 N. Francis Avenue, Suite 101

City:
Oklahoma City
State:
OK
ZIP Code:
73118
Phone Number:
405 416 5200
Website:
Year Founded
AM Best Rating:
A-
Company Rating 0 (0 reviews)

Things to Remember...
  • BancInsurance auto insurance review reveals that BancInsure is an insurance company that provides coverage to banks
  • BancInsure began offering comparable rates for 46 banks in Montana and 8 in Wyoming
  • Their extended family covers them when they need money and a backup plan when the banks BancInsure serves are faced with possible losses

Research for this BancInsurance auto insurance review reveals that BancInsure is an insurance company that provides coverage to banks.

They are not in the business of offering any type of car insurance.

This business was started in 1985 by 15 bank associations exclusively for banks. It took the pressure off banks that were operating in the Midwest while paying high commercial premiums.

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BancInsurance Financial Review

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BancInsure began offering comparable rates for 46 banks in Montana and 8 in Wyoming. They were able to save millions of dollars in premiums after their affiliation with this company. The company carries an “A-” rating from A.M. Best, the insurance rating company.

This outfit reported over $114 million in assets by the end of 2009 while building and adding to the list of partner affiliations.

Although the 15 banker associations no longer own the business, they are closely connected. They participate in marketing, new ventures, partnerships, and other supportive roles.

Those looking for auto insurance companies will find that AM Best rates those too.

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BancInsure Insurance Family

Just like individuals and other businesses, banks carry a tremendous amount of liability. Because they are a resource for individuals and businesses, they carry even more.

This means they also experience huge losses and gains that hinge on the strength and success of the people and businesses to which they lend money.

BancInsure has an extended family of businesses that support what they do for the banks they serve. Their extended family covers them when they need money and a backup plan when the banks BancInsure serves are faced with possible losses.

When individuals and businesses default on loans or are underinsured, this company provides protection.

Consequently, BancInsure needs protection to cover them, creating a multi-level blanket of protection.

A good example would be a second mortgage provided by a lender affiliated with the company who falls in the second position when the second mortgage goes into default.

The bank that holds the first or primary mortgage may be insured by FHA or guaranteed by VA.

  • In 2000 Matterhorn, a company formed in 1972, joined the BancInsure family to provide coverage and single interest loans for the business. They assist with providing mortgages and other money sources. Therefore, when there is no coverage for the second mortgage in the example, Matterhorn is in place to insure BancInsure.
  • BancServe is another extended family member formed by the Montana Bankers Association in 1986 to pool resources that individual community banks could not achieve as a single entity. It serves as an administrator for group check purchases, insurance, forms and other products. It helps BancInsure and other similar businesses maintain a competitive edge by purchasing in bulk or as a group.
  • BancInsure established Builder’s Edge for real estate developers, builders, contractors and their vendors in 1986. This family member is located in Oklahoma City and operates for providing insurance coverage for this industry exclusively. They have coverage options that allow these businesses to customize policies that are directly tailored to meet their needs.

BancInsure Insurance Risk Manager

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BancServe’s agents must be familiar with assisting BancInsure and its members with risk management. This agent is the liaison between the company and BancServe underwriters.

When communication needs to be expedited quickly, they have a special skill set to perform this function.

The bank designations make this agent efficient in minimizing liability and losses. As an agent, it is important to make members like BancInsure aware of the issues related to errors and omissions, I.D. theft, loan defaults, and other costly possibilities.

BancInsure Insurance Programs

As with individuals and small or large corporate level policies, insurance plans relate to bank issues. Banks also have to ensure the loans they provide as well as the inventory of homes, cars, boats and other property they own.

The products they purchase also protect the business from the costly mistakes made under errors and omissions, or professional liability.

In addition to these policies, banks have to protect themselves with coverage for:

  • Director and Officer Liability
  • Health Savings Accounts
  • Flood Insurance
  • Financial Institution Bond
  • Kidnap, Extortion, Ransom
  • Excess Deposit Bond

Many cases fall under examples of employee embezzlement, erroneous money transfers in large amounts too often held in African countries, ATM security, and check fraud. These are just examples that fall under financial institution bonds.

BancInsure Auto Insurance Partnerships

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BancInsure collaborates with several other bank associations around the country. There are 19 partners so far. Just to mention a few, the list includes:

BancInsure’s future entails the continuation of providing exclusive coverage for banks that regular commercial coverage does not.

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