Mid America Banking Insurance Services, Inc. (MABIS) offers insurance products that meet the individual needs and exposures of a financial institution. We have an experienced staff with over 100 years of combined experience insuring banks, and we offer a variety of carriers with competitive pricing and coverages to address the loss exposures of the financial institution industry.
Directors & Officers
- Management & Professional
- Separate Limits/Separate Aggregates
- Directors & Officers
- Separate limit side A
- Securities coverage
- Depositor liability
- Privacy coverage
- Employment Practices
- Optional third-party coverage
- Fiduciary Liability
- Lender Liability
- Third-party coverage
- Bankers Professional Liability
- Third-party coverage
- Trust Errors and Omissions
Cyber Liability Coverage provided by: *Chubb, FinSecure, One Beacon, Progressive, Travelers & Zurich; all companies rated ‘A’ or better.
With online banking and the need to meet commercial customers’ online banking needs, the banking industry has evolved into a new age of unique risk and exposure. With our line of Cyber Liability products, IBIS can offer a wide range of products for cyber and privacy exposures from some of the top carriers in the market.
- Data Breach Liability
- Cyber Liability
- Privacy & Security Breach Response Expense
- Public Relations Expense
- Cyber Extortion
- Network Interruption
Financial Institution Bonds
- No Aggregate Limit
- Coverage for Counterfeit Checks
- Coverage for Self-Storage Boxes on Premises
- Cyber Extortion
- Fraudulent Email, Fax and Voice
- Optional Electronic Notes
- Claim Audit Expenses up to $100,000
- Off-site ATM Coverage
- Defective Signatures Real Property Laws
- Transit Coverages
- Stop Pay Legal Liability
- Wrongful Check Dishonor
- Credit/Debit Card Coverage
- Excess Deposit Coverage
Coverage provided by: *Chubb, FinSecure, One Beacon, Progressive, Travelers & Zurich; all companies rated ‘A’ or better.
Lender Protection Products
Credit Insurance Products
Single and Joint Credit Life
Offers life insurance benefits for borrowers on an installment loan. This life insurance policy is designed to be written on a single borrower or multiple borrowers to pay off debt upon the death of the borrower.
Single or Joint Credit Disability
Offers a monthly disability benefit for borrowers on installment loans. This credit insurance policy is designed to be written on a single borrower or multiple borrowers to make loan payments if a borrower becomes sick or disabled and is unable to work.
Mortgage Life & Disability
Helps protect a bank’s mortgage customers by reducing the outstanding mortgage balance in the event of a death or disability. It also helps protect a bank’s loan against charge-offs and delinquencies and is available on first- and second-residential mortgage loans.
Blanket Lender Single Interest (LSI or VSI)
Protects a bank’s consumer lending portfolio against loss when required for autos, boats, recreational vehicles, etc., when the borrower’s insurance is not in force at the time of a claim. Once coverage is verified at loan closing, no further insurance tracking is needed. It also protects the bank up to its outstanding balance in the event of default, damage or total loss to the bank’s collateral.
Home Equity Protection
Protects a bank’s second mortgage loans, including open-end, closed-end, secured home improvement, unsecured home improvement and purchase money second mortgage loans.
Guaranteed Auto Protection (GAP)
Provides protection if a borrower’s collateral becomes upside down — where the insurance paid is less than the outstanding balance — in the event of a theft or total loss. This can be used for multiple types of consumer and commercial collateral.
Privately Held Third-Party Administrator
Blanket Mortgage Protection
Provides protection on a bank’s mortgage properties for physical loss when the primary insurance is found to be inadequate or not in force at the time of loss. The blanket feature in this product eliminates the requirement of the bank to track the primary insurance on the mortgaged property throughout the life of the loan.
Debt Cancellation/Debt Protection
Is an alternative to traditional credit insurance programs yet has similar benefits to the bank and its borrowers by helping to cancel or reduce the outstanding balance of a loan in the event of death, disability, hospitalization, involuntary unemployment and skilled nursing care.
Lender-Placed Coverage for Mortgages
This insurance protects the bank against physical damage to a mortgaged property. The bank procures the insurance on behalf of the borrower after it becomes aware that the borrower’s insurance has lapsed and the bank’s interest in the mortgaged property is no longer protected by standard homeowner’s insurance.
Lender-Placed Flood Insurance
This insurance protects the bank against the risk of flood to a mortgaged property. The bank procures the insurance on behalf of the borrower after it becomes aware that the borrower’s insurance has lapsed and the bank’s interest in the mortgaged property is no longer protected by traditional flood insurance.
Lender-Placed Collateral Protection
Protects a bank’s collateral against loss by physical damage, confiscations and failed skip-tracing. Collateral types include but are not limited to vehicles, recreational vehicles, trailers, mobile homes, farm equipment, aircraft and watercraft. The bank procures the insurance on behalf of the borrower after it becomes aware that the borrower’s traditional insurance has lapsed.
- Blanket coverage building and contents
- Blanket EDP coverage
- Extra expense – specific and blanket
- Valuation – replacement/no co-insurance clause
- $500,000 property basket Limit per scheduled location
- Foreclosed property coverage
- Aggregate per location
- Customer personal injury endorsement
- Worldwide coverage
- Fellow employee exclusion removed
- Symbol 10, 2, 8
- Employees as insured’s endorsement
Umbrella/Excess Liability Coverages
- No retention
- Pay on behalf of
- Aggregate limits per location
- Worldwide coverage
- Felonious Assault Coverage
- Mortgage Holder Errors and Omissions