News and Articles—Financial Institutions
E&O and More in the Mortgage Industry
November 1, 2023
Real estate professionals, including mortgage lenders, face numerous risks. These risks can result in significant financial burdens, particularly when legal claims are filed against these professionals for errors or omissions in mortgage contracts… more ▶
5 Risks Banking Institutions Face in 2023
May 2, 2023
Today's banking industry faces a troubled global economy, a volatile political climate, and growing cyber threats—not to mention fallout from the second-largest bank failure in U.S. history. This year looks to present more challenges… more ▶
Avoiding Mortgage Mistakes
February 21, 2023
Purchasing a home is one of the most significant decisions people make in their lifetime. It requires a lot of time and thought to work out the logistics of securing the financing and meeting all legal requirements. Many homeowners need clarification… more ▶
U.S. Risk’s Financial Institutions Division Receives National Recognition as Best Property Insurance Company
December 22, 2022
For the third consecutive year, U.S. Risk’s Financial Institutions Division, J.B. Lloyd & Associates (JBL), was recently recognized through… more ▶
Who Needs Force-Placed Insurance?
December 1, 2022
Financial institutions that fund home loans often maintain strict standards for borrowers. In addition to the initial criteria applicants must meet, a mortgage contract typically requires home or business insurance to cover the property. If a borrower fails to… more ▶
How Inflation Affects Banking and Insurance
July 14, 2022
It's estimated that inflation in the U.S. can cost the average household as much as $341 per month. This expense can be attributed to the rising cost of food, household supplies, and essential services. The cost is even higher… more ▶
Overcoming Banking Industry Challenges
April 30, 2022
There are new challenges in the banking industry that emerge every year. Changes in the economy, new customer needs, and evolving regulations are just a few of the factors that often impact financial institutions’ operations. Still, banks are a necessity… more ▶
How is Force-Placed Insurance Removed?
September 15, 2020
When a bank or other financial institution agrees to extend a loan for financing an automotive or property purchase, that institution faces significant risks. In most cases, buyers are required to obtain insurance to protect the loan. When that insurance is not obtained… more ▶
What is Force-Placed Insurance and What Does it Cover?
September 8, 2020
When a real estate property is financed for purchase, the purchaser is not the only entity with exposure to risk. The lender also faces substantial risks in these transactions. To help manage these risks, a specialized form of insurance known as force-placed insurance… more ▶
Fiduciary Liability: What it is and Why Your Clients Need it
August 11, 2020
Financial institutions that offer employee benefit plans to their workers face significant risks. As the regulatory landscape of banking corporate governance shifts, risk exposures also shift. Litigation related to the management liability of employee benefits programs… more ▶
Common Commercial Bank Risks
July 14, 2020
In every business and industry, there are risk exposures that must be addressed. The banking sector is no exception. Banks and other financial institutions face a wide range of risks, including several unique exposures to this important component of the world economy… more ▶
The Risk of Employee Theft and Crime in Financial Institutions
February 11, 2020
Financial institutions around the world face significant risks in their operations – both externally and from within. Employee theft and crime, including fraudulent activities, are believed to be the largest risks banks and other financial services firms face… more ▶
Breaking Down Financial Institution Bonds
February 4, 2020
Financial institutions face many risks in their business operations, including risks that come from both external and internal sources. One of the primary emerging internal risks plaguing the financial services industry is that of employee dishonesty, which can… more ▶
Understanding the Fiduciary Duties and Liabilities of Association Board Members
July 16, 2019
The daily operation – the business – of most planned housing developments is managed by a community association or homeowners association (HOA). Most such associations have a board of directors who oversee the management and maintenance of… more ▶
What it Means to Insure Financial Institutions
September 4, 2018
Financial institutions face unique risks in their daily operations – risks that many other business types simply do not experience. Because of intense regulatory scrutiny, financial institutions must have in place rigorous risk management protocols, including… more ▶
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Environmental Pollution: Planning for Risks
December 1, 2023 | For business owners, an environmental pollution incident can result in stiff regulatory penalties and staggering expenses associated with cleanup… more ▶
Managing Workers’ Compensation Claims
November 15, 2023 | Claims management in workers’ compensation programs is a critical component of a comprehensive workplace health and safety strategy, involving… more ▶
E&O and More in the Mortgage Industry
November 1, 2023 | Real estate professionals, including mortgage lenders, face numerous risks. These risks can result in significant financial burdens, particularly when legal claims… more ▶