Your Bank Audits Everything. Except Its Insurance.
I audit cyber, fidelity bond, and D&O policies for community banks and credit unions. I show you which policies pay after a cyber incident, which deny, and what to fix.
I'm Joerg Proeve. I don't sell insurance. I audit it. More about me →
Credit union? Your coverage reads differently.
Five Banks. Five Carriers: The Same Coverage Gaps.
Different asset sizes, different carriers, different program structures, similar coverage failures.
Wire fraud: nobody pays.
Coverage topped out at $500K or even $100K. One bond had a 50% co-payment clause. The bank absorbs over half the loss.
D&O excludes cyber. Cyber excludes board.
D&O excluded cyber-related claims. Cyber didn't cover board defense. After a breach, neither one pays.
Vendor goes down. No coverage.
Vendor outage sublimits ranged from $0 to $1M, against exposures that run $100K+ per day. One bank hadn't purchased the coverage at all.
Every bank had multiple coverage gaps that would have resulted in a denied or reduced claim. The policies were fine individually. Nobody had read them together.
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What the Risk Intelligence Report Shows You
- Which insurance policy responds to each incident type, and which denies
- Exclusions, sublimits, and conditions that can block a claim
- Vendor risks your policies sublimit or exclude
- Where policies overlap, where no policy pays, and what it costs you