Progressive, best known for its auto insurance, has introduced a new director & officers liability policy for financial institutions.
The policy addresses the recent developments in community banking since the Gramm-Leach-Bliley Act of 1999, which allowed banks further access into the insurance and financial services industries, the company said.
Bankers are now able to protect the directors, officers and the bank itself against exposures arising from the many services they now provide, either under a broad-form contract or an individual named peril basis that covers a specific issue.
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