One of our preferred carriers has developed this unique product to address the coverage gap resulting from the FDIC mandate that coverage could no longer be endorsed to financial institution’s Directors & Officers (D&O) Policy. The CMP Personal Protection Policy is a separate, stand-alone insurance policy that is purchased directly by the D&Os of Community Banks. The bank does not pay for, nor is it an insured party under the contract.
Description of Coverage
The CMP policy insures the “Institution-affiliated Party” (designated individual) against CMPs leveled against them by a federal banking regulatory agency.
Additional Coverage Facts
This new CMP product was designed specifically to help community banks attract quality management, while at the same time providing the D&Os with 'peace of mind' protection.