Massachusetts Financial Services Insurance Agency, Inc.
109 Elm St., 3rd Floor, P.O. Box 287,
Millbury, MA 01527
With over 30 years of experience working with financial institutions in Massachusetts and other New England states, we can handle all of your insurance needs.
Our focus is banks, just banks. We stay current on bank issues, whether insurance related or not.
Should you wish to remain with a local broker, we can enhance your local business relationships by being a resource through our fee -based consulting services.
We provide brokerage, consulting and administrative services.
- Review policies for restrictions and deficiencies.
- Review losses and offer risk control to reduce premium hikes.
- Inspect locations for potential claim issues.
- Educate staff how to complete insurance applications, when to report changes and claims to insurance company.
- Provide insurance checklists with helpful insurance tips that protect your bank.
- Speak at your bank meetings and answer insurance questions, discuss hot topics in banking industry and talk about insurance claims we see regionally and nationwide.
- Hold insurance education seminars by phone, webinar or on site.
Everything you need to protect your financial institution. We are your broker for D&O, Blanket Bond, Internet Banking Liability, Safe Deposit Liability, General Liability, and much more...
Directors and Officers Liability Insurance
The Directors and Officers Liability policy protects any person, who is or may become an officer or director of the named corporation, against claims for any covered wrongful act. There is no standard D&O liability policy and thus the definition of a “Wrongful Act” act varies from policy to policy.
- Financial Institutions Blanket Bond Insurance
The Financial Institutions Blanket Bond policy generally provides coverage to the bank on a blanket basis for certain fraudulent acts committed by employees and customers that cause the bank a loss. The policy covers all bank employees when the bond is issued and all future employees automatically without notice to the insurer. This is a package policy designed to provide the bank with coverage for a wide variety of loss in a single contract.
- Business Insurance
These are the property, general liability, automobile, umbrella and workers compensation coverages, tailored to the specific needs of the individual financial institution.
- Debit/Credit/ATM Card Issuers Insurance
Worldwide coverage for losses from fraudulent use of payment and ATM cards.
- Internet Banking Liability Insurance
The Internet Banking Liability policy provides affirmative broad-form coverage for suits against the Financial Institution and its directors and officers. Business interruption, extra expense, cyber/network extortion and public relations expense coverage are also available by endorsement.
- Mortgage Impairment Insurance
The Mortgage Impairment policy protects a bank’s interest in real property if the property is damaged or destroyed and the loss is not insured due to a lack or insufficiency of hazard insurance. The policy covers the bank if the borrower fails to carry the required property hazard insurance and as long as the bank does not know that such hazard insurance is not in force.
- Lender Placed Property/Flood & REO Insurance
Property/Liability/Flood Insurance – Protects the bank’s interest in forced placed property and flood insurance. Commercial and residential loans are covered.
- Lenders Single Interest Insurance
Protects the bank’s interest in loans for cars, boats and RVs. Covers losses due to damaged property before or after repossession.
For more information call us at 617.502.3850, or email Theresa Reardon to obtain the appropriate insurance coverage at a fair price.