Local Broker Assistance

Independent Bankers Insurance Services acknowledges the valuable relationship between a community bank and the bank’s local insurance broker/customer. Where these relationships exist we can provide assistance to your local broker on a wholesale basis without elevating the cost of the insurance to your bank.

To make this arrangement work, our agency would become the Broker of Record for the bank’s insurance coverage and would sub-contract with the local broker and include the broker in the commission payment. The local broker would lose a very small portion of the commission but gain our expertise and extensive insurance market capability.

Our agency would then provide application assistance to the bank, negotiate renewals/proposals on the bank’s behalf, maintain appropriate coverage and limits, and furnish executive summaries and annual reviews to the bank’s board and senior management.

The local broker would also be relieved of all of the required work and greatly reduce his errors and omissions exposure on your bank’s insurance coverage. Most brokers are very happy with this arrangement since they can rest assured the bank’s complicated policies are being handled by a firm that specializes in financial institution risk. Your bank maintains a strong relationship with your broker/customer and everyone wins in this scenario.

If you wish to take advantage of our agency’s capability in this area, please visit with your broker/customer about this opportunity and then e-mail the broker’s contact information to our agency. We will call your broker and begin the insuring process.