Have you ever wondered how many banks are in The United States? Or how many assets are held at these banks? US banks are backed by the Federal Deposit Insurance Corporation or better known at the FDIC. What is shocking is since the financial crisis struck the total asset base of banks has increased while the number of US banks has decreased. 4,893 banks or savings institutions have more than $100 million in assets; 3,517 have $100 to $500 million; 859 have $500 million to $5 billion; 150 have $5 to $50 billion; and 22 have more than $50 billion. As of November 2010, the Federal Deposit Insurance Corporation insured deposits at 7,723 institutions.
It’s good to know that the FDIC has a large portion of the funds covered but what about D&O, EPLI, Cyber Liability, Fiduciary, Bankers Professional, Computer Crime, Lender Liability, and Financial Institution Bonds? All of these aspects need to be taken care of by insurance as well. U.S. Risk offers Financial Institution Insurance to take care of all your banking worries. Writing banks takes confidence and expertise. A gap in coverage can be easily overlooked and result in losses for your client. U.S. Risk Financial Services is here to ensure that doesn’t happen. The staff of insurance and risk management specialists will help you place financial coverage with confidence.
For more information come and connect with me on CompleteMarkets.com for weekly updates or visit our Financial Institution Insurance storefront.