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Sep 29
2009
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WHAT CHANGES HAS YOUR BANK MADE IN D&O?Posted by Steve Cocheo in Pass the Aspirin The Blog   |
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The Headache: Handling directors and officers liability insurance in a troubled and litigious atmosphere with prices rising and availability subject to change.
Our questions: What changes has your bank made (or plan to make) in D&O protection for the year ahead?
Come share your ideas, pick up a few!
One banker's remedy: Revisiting D&O after a structure change at Territorial Savings Bank, Hawaii
Here's how Vernon Hirata "passed the aspirin." He's vice-chairman, co-chief operating officer, and general counsel, Territorial Savings Bank, $1.2 billion-assets, Honolulu, Hawaii
We have had to go to an insurance broker who has a law background and was in risk management for a large bank before taking his current job. He pointed out that our bank was, in terms of risk, “outgrowing” the standard D&O policy we had in an association program. He conducted a bidding and evaluation process among carriers.
This change was necessary because we went through a mutual to stock conversion IPO.
Now let's hear your ideas!
(Editorial Note: Contributions to Pass the Aspirin may also appear in our print edition. While we will ask for your e-mail address, this is only as an aid to verifying identity and will not be used for any marketing or promotional purpose. The e-mail address will not be published.)
For vintage Aspirin columns, go to www.passtheaspirinplus.com
To suggest new topics for Pass the Aspirin both in print and in this blog, please e-mail scocheo@sbpub.com
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