ST. PAUL - St. Paul Cos. has begun offering professional liability coverage for insurance agents and brokers to members of the Independent Community Bankers of America.
The policy covers the sale of mutual funds, annuities, and variable life products by bank-based reps, as well as personal injury, advertising injury, and defense costs over and above the policy limits.
The coverage is available through the ICBA/St. Paul Insurance program and is open to life and health as well as property and casualty professionals. The insurance protects a bank's assets if liability issues arise, and features limits on liability of up to $30 million.
The ICBA/St. Paul Insurance Program, which has been offered exclusively to ICBA members since 1983, provides members with a portfolio of business insurance products commonly required by financial institutions.