Get Customized, Sector-Focused Solutions With FGIB

Broader regulation requires a focused employment practices approach and protection plan.

FGIB:Putting EPLI Insurance Into Place

Financial Guaranty Insurance Brokers (FGIB) has more than 30 years of experience helping financial institutions – from community banks to commercial lenders and today’s Financial Technology (FinTech) companies – balance profitability and risk exposure. Among the many challenges that banks and related entities must address is compliance with employment practices. This is particularly so in an environment where there is increasingly broader state and federal regulatory statutes governing this area and a more proactive stance to investigate alleged violations that involve discrimination, sexual harassment, wrongful termination, and retaliation, among others. At FGIB, we provide the cover needed to protect our clients against employee-related lawsuits with Employment Practices Liability Insurance (EPLI).

Employment-Related Claims Today

Why do you need a robust insurance program to respond in the event of an employment practices-related claim?

In 2015 alone, the Equal Employment Opportunity Commission (EEOC) received more than 89,000 charges of discrimination, harassment and retaliation. An EPLI policy from FGIB will provide you with defense and indemnity coverage in the event of such allegations.
The median payout for an Employment Practices Liability claim that makes it to trial is $600,985, plus defense costs. Even meritless claims involve time and money to defend. Our EPLI policy can be designed to cover your bank and executives for loss (damages and defense costs) arising out of employment practices disputes.

In addition, we partner with leading insurance companies that provide risk management to help mitigate employment practices claims. This may include sexual harassment prevention and discrimination training and consulting regarding employment laws, which can be rather complicated when reviewing federal, state, and city regulations.

WHAT OUR CLIENTS ARE SAYING

“Financial Guaranty Insurance Brokers have been our provider for insurance policies since the Bank’s inception. I have personally dealt with Joe Scully and Manny Kim for many years and they are excellent to work with. They are always available to assist us with any needs or concerns we may have in dealing with the insurance companies. I would definitely recommend FGIB.”

Toni Umphreyville, Chief Financial Officer

Community Valley Bank

“Words cannot express my sincere thanks to FGIB. In 2009 our bank was put into a regulatory C & D. Our Fidelity and D & O Bond was cancelled, without notice, from a company that the bank had been with for over 20 years. The cancellation shocked us, since we had an additional 17 months until the Bond’s expiration date.

It was an extremely difficult time for our bank. Fortunately, we were put in contact with FGIB. FGIB was able to find reasonable coverage for our Fidelity and D & O Bond, when no one else would. We have been a customer ever since. We appreciate FGIB’s honest, personal, and professional service.”

John G. Sorensen, Jr., President

Home Savings Bank

Providing Solutions that Align with Your Business Needs

Our vast network of contacts, through industry organizations, long-established relationships and years of service to the financial industry and beyond, enables FGIB to sort through the complexity of choices to recognize the right fit for your organization. We know your industry and understand how to secure the appropriate insurance solutions. We are licensed in the majority of states and are ready to serve you. Give us a call at 626.793.3330.