Insurance

KBA Insurance offers a variety of products designed specifically for the unique needs of the banking industry. KBA Insurance helps member banks stay protected while remaining competitive and profitable. Partnering with KBA Insurance can help cut down on administrative struggles because our banker-driven team understands your challenges and can craft benefits plans that meet your goals.

KBA Employee Benefit Plans

KBA Medical And Dental Plan

The KBA medical and dental plan is a self-funded plan that pools the risks of all of the participating banks in a multiple employer plan. This allows banks to offer competitive benefits in a consistent and affordable manner taking advantage of economies of scale which lower the administrative costs. The plan is administered by the KBA with BCBS of Kansas providing stop loss protection, claims administration, and the network of providers with negotiated allowances and discounts that assist in minimizing claim costs and help keep premiums low.

KBA Vision Plan

The KBA vision plan is a voluntary benefit to employees. It offers comprehensive coverage including exams, frames, contacts and more.

KBA Group Term Life Plan

The KBA group term life plan allows banks to provide their employees with group term life insurance. The insurance amount is based on a multiple of salary selected by each participating bank. In addition to the employee life benefit there is a matching amount of accidental death coverage on the employee and a $4,000 term life benefit on spouses and eligible dependent children. The bank can also elect to offer voluntary employee and dependent life insurance which is designed to be elected on an employee by employee basis and paid for by the employee via payroll deduction.

KBA Long Term Disability Plan

The KBA long term disability plan allows banks to help protect their employees most important asset—the ability to earn a living. The plan will replace 70 percent of an employee’s salary in the event of a disability. The benefit will continue for the length of the disability up to age 67.

KBA Voluntary Accidental Death & Dismemberment Plan

The KBA voluntary AD&D plan provides a benefit to employees and their dependents if they are killed in an accident. The plan is ideal for bank employees that have spouses involved in vocations that are more risk-prone than banking. The plan is designed to be elected by the employee and paid for via payroll deduction. Some banks opt to purchase a determined level of coverage for all of their full-time employees.

KBA Felonious Assault Plan

The KBA felonious assault plan enables a bank to pay a $50,000 benefit to a bank employee’s family if the bank employee is killed in either a crime involving the bank’s assets or in an accident while traveling on bank business. The very low premium is paid annually and is based on the total number of employees and the number of physical locations.

Transparency in Coverage Rule

As part of the Patient Protection and Affordable Care Act (PPACA) group health plans and insurance issuers are required to make available to the public three separate machine-readable files that include detailed pricing information. The files will show negotiated rates for all covered items and services between the plan or issuer and in-network providers, historical payments to, and billed charges from, out-of-network providers, and in-network negotiated rates and historical net prices for all covered prescription drugs by plan or issuer at the pharmacy location level. Plans and issuers will display these data files in a standardized format and will provide monthly updates. Below is the link to the Blue Cross and Blue Shield of Kansas website where the files will be maintained.

www.bcbsks.com/MRF

Bank Insurance Products

Stay protected in all situations. A KBA Insurance professional can help you select the right products for your bank.

FINANCIAL INSTITUTION BOND

Financial institution bonds protect banks from loss caused by illegal acts perpetrated by employees or vendors.

MANAGEMENT LIABILITY POLICY

Protection for your directors, your employees, and your bank.

CYBER LIABILITY POLICY

Protection for breaches of data through cyber attack in which individuals’ personal information is exposed.

PROPERTY/CASUALTY INSURANCE

These coverages, including the Bank’s property package, auto insurance, umbrella liability and workers compensation coverage is written through Travelers, Berkley FinSecure, OneBeacon or Zurich.

Fee Income And Collateral Protection Products

CREDIT LIFE AND DISABILITY PROTECTION

Central States of Omaha (CSO) and American National Insurance Company (ANICO) credit protection programs provide excellent protection for borrowers and a great source of fee income for financial institutions. Initial and ongoing product knowledge, sales training and support are provided by KBA Insurance staff and CSO/ANICO.

MORTGAGE LIFE & DISABILITY COVERAGE

Decreasing mortgage life and disability coverage for real estate borrowers. Minnesota Life provides financial institutions with competitive rates and coverage. Simple desktop rate calculations and application completion software make this program simple to administer.

TERM LIFE INSURANCE

Premium guaranteed for terms up to 30 years with level death benefits. This is very affordable coverage for large agricultural and commercial borrowers. An easy one page application and streamlined underwriting simplifies this process for lenders.

MORTGAGE IMPAIRMENT ERRORS AND OMISSIONS POLICY (MIE&O)

Blanket policy that protects lenders interest in the event the financial institution suffers a loss due to the borrower failing to maintain adequate coverage on commercial and residential real estate. MIE&O can eliminate the need for tracking hazard insurance on mortgaged property and helps satisfy regulatory requirements.

LENDER PLACED HAZARD INSURANCE

Allows lenders to force placed hazard insurance on borrowers that are failing to maintain insurance on real estate. Lenders have instant authority to bind coverage on known uninsured occupied or vacant commercial or residential properties. This coverage can also be used for OREO properties. Liability coverage is also available under a separate application and policy.

FLOOD ZONE DETERMINATIONS

ServiceLink (formerly LPS) is one of the leaders in the U.S. providing service to 7 of the top 10 lenders in the nation. 93% of the standardized addresses processed are returned immediately. Competitive Life of Loan rates and free re-certifications on refinanced loans are offered. Enhanced, no-cost benefit “Certmap” provides lenders with aerial photos of property located in the SFHA in conjunction with the actual flood zone area.

GUARANTEED AUTO PROTECTION (GAP)

KBA Insurance partners with Frost Financial to protect borrowers against depreciating auto values. GAP pays the deficiency balance between the loan balance and the actual cash value when the auto is totaled.

VENDORS SINGLE INTEREST (VSI) AND COLLATERAL PROTECTION INSURANCE (CPI)

VSI eliminates the need to track insurance on titled collateral. The borrower is charged a small premium which is used to cover losses when a delinquent account is repossessed and there is uninsured physical damage. The lender benefits from a reduction in charge-offs from 10% to 20%. CPI allows lenders access to a web-based program to administer and force place coverage on all types of collateral once the financial institution is aware through their tracking system that coverage has expired or lapsed. Coverage is available on commercial collateral.

RESIDX RESIDENTIAL PROPERTY EVALUATIONS

Timely, objective, quality “Evaluations” stimulated by the regulator’s insistence on transparency and fairness are what this service is about. It is available as a simple Exterior account, an Exterior with rear-view, and an Interior-Exterior inspection. These services have been very beneficial in assisting lenders in complying with the Interagency Guidelines and allowing lenders to avoid costly appraisals for residential loans below $250,000.

COMPLETE YOUR INSURANCE CE ONLINE

WebCE provides the highest quality online insurance licensing and continuing education materials in a fast, convenient mobile-ready format. WebCE is the nation’s largest provider of continuing education for insurance and financial planning professionals.