Rockwood Offers Management/Professional Liability Insurance Solution for Financial Institutions

CLAYMONT, Del. (PRWEB) April 28, 2023

Rockwood Programs has developed a portfolio of management and professional liability insurance products customized to address the unique liability exposures faced by Financial Institutions. Entities that are the subject of regulatory enforcement decisions/orders are eligible for the coverage. The solution is being offered under the Bankers Defender brand name.

"The dynamic nature of our nation's economy can have an adverse impact on the banking industry", says William Hess, Vice President of Rockwood's Financial Institution Division. "Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental fiscal policies 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."

Glenn W. Clark, CPCU – President of Rockwood Programs says, "We have tailored a solution for this particular niche market through the establishment of the Bankers Defender initiative. We can provide a wide array of management and Professional liability products, including Directors& Officers, Errors & Omissions, Employment Practices, Lender Liability, and more. Of course, the true litmus test of any insurance offering is how well it responds in the event of a loss. Our claims administrator is Wilson Elser – an internationally recognized law firm with a reputation for providing an advocacy defense for its clients."

Bankers Defender offers liability limits of up to $5,000,000 on all lines except Employment Practices ($2,000,000 maximum). Financial institution crime bonds are also available under the initiative. In addition to financial institutions, mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds, and similar entities are also eligible for coverage.

Policies are underwritten through member companies of Fortegra, rated A- ("Excellent") by A.M. Best. Interested parties can learn more about the products and services offered by accessing Rockwood's website at http://www.rockwoodinsurance.com. Contact William Hess by phone at (931) 308-7171 or via e-mail at [email protected]

Read the full story at https://www.prweb.com/releases/2023/4/prweb19308091.htm