Financial Guaranty Insurance Brokers, Inc.

Insurance Agency in Pasadena
Opening at 8:30 AM tomorrow
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Updates

It’s every financial institution’s biggest nightmare – experiencing a cyber-attack. In our last article, we explained how to implement a cyber-response plan. As so much confidential information is held at banks, it can have devastating effects and you might be scrambling to put that plan in actio...

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Cyber breaches are all but inevitable, as we explained in our previous post. However, if you are a victim of a cyber breach, that doesn’t mean you have to close up shop. In fact, having an effective cyber-response plan can mitigate risk and prevent further damage from occurring. Therefore, in add...

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2016 was undoubtedly the biggest year for cyber-breaches. As the fateful combination of lax security measures and sophisticated hacking came to a head last year, the inevitable increase in breaches has occurred. However, as more companies and individuals are recognizing and assessing their risks,...

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In a world with a rapidly changing tech landscape, practically every industry has become digitally transformed. And when it comes to banking, there’s no exception. Last year, tech giant Amazon announced a partnership with Bank of America to offer a new lending service, disrupting the banking land...

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Negligence claims can have huge effects on the businesses and people they target. While most people may think of doctors or accountants when it comes to claims of negligence, it’s possible for banks to be held responsible for things that would turn into sizable lawsuits.

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Bank fraud continues to be an expensive issue for banks and their customers. In 2016, $2.2 billion-worth of losses were related to bank fraud, up 16 percent from 2014. Those numbers are only expected to rise as new statistics come out for the most recent years.

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Shareholder disputes can come up in various ways. From shareholders not working for the business anymore to a disagreement of the overall direction of the company to personal problems affecting business relationships, these disputes can derail a financial institution’s path. Disputes can escalate...

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Cyber threats are unfortunately becoming more and more commonplace in our tech-driven society and that includes making its way into our financial institutions. Banks are seeing increased threats and security issues, no matter their size, and are needing to rethink how they take care of data secur...

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One thing technology has brought the banking industry in recent years is better service for customers. From artificial intelligence to chatbots, online banking to all-in-one access to services, banks are finding ways to help customize the overall consumer experience. But even though this has boos...

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Services

Insurance Services

  • Errors & Omissions

    Financial Guaranty Insurance Brokers (FGIB) is a leading provider of professional liability products, including Errors & Omissions (E&O) insurance for community banks, commercial lenders, credit unions, savings & loans, and Financial Technology (FinTech) companies. We partner with leading insurers to provide you with custom policies in the event of an alleged error or omission as a result of the work you perform. Whether the claim is justified or not, you need an E&O policy to step in to pay for legal defense costs and any liability obligations. The cost alone to defend a suit can be devastating enough for a firm that goes without the right coverage. Moreover, these types of claims are typically not covered under a General Liability policy.
  • Bankers Professional Liability

    Community banks, savings and loan companies, credit unions, and other financial institutions are considered as safe keepers for their individual, governmental, and corporate customers’ assets. In the course of handling large sums of money, financial institutions and their employees and owners are subject to a variety of professional liability risks. These risks, for example, may include allegations of wrongful acts related to a bank’s administration of a trust, claims involving the mis-selling of financial products, claims by an investor that an adviser recommended unsuitable investments and/or failed to disclose risks concerning such investments, and so on.
  • Directors & Officers Liability

    The boards of directors of community banks and other financial institutions today face a plethora of risks due to a number of factors: increased regulatory scrutiny; a heightened focus by the U.S. Securities & Exchange Commission (SEC) on enforcement of ‘gatekeeper’ duties; the increased globalization of even smaller businesses; and increased vulnerabilities to fraud, cyber risks, and environmental issues, among others. Even day-to-day management decisions can lead to claims against directors and officers, as well as the institution itself.
  • Employment Practices Liability

    Financial Guaranty Insurance Brokers (FGIB) has more than 30 years of experience helping financial institutions – from community banks to commercial lenders and today’s Financial Technology (FinTech) companies – balance profitability and risk exposure. Among the many challenges that banks and related entities must address is compliance with employment practices. This is particularly so in an environment where there is increasingly broader state and federal regulatory statutes governing this area and a more proactive stance to investigate alleged violations that involve discrimination, sexual harassment, wrongful termination, and retaliation, among others. At FGIB, we provide the cover needed to protect our clients against employee-related lawsuits with Employment Practices Liability Insurance (EPLI).
  • Civil Money Penalties

    A financial institution’s Directors & Officers (D&O) insurance policy cannot provide coverage to individuals for civil money penalties imposed for alleged wrongdoing. The FDIC coupled with increased regulatory scrutiny has made it explicitly clear that a bank can’t insure or indemnify any civil money penalties on its D&O policy, leaving every bank director and officer exposed. To respond to this exposure, which can significantly impact the assets of an individual director or officer, Financial Guaranty Insurance Brokers (FGIB) has partnered with an insurance carrier to provide a new separate insurance policy, Civil Money Penalties Personal Protection (CMP) Coverage.
  • First-Party Cyber Coverages

    The scope and amount of Cyber Liability insurance coverage you carry should be commensurate with the level of risk involved with your operations and the type of activities to be provided. In addition, it’s important to understand that not all Cyber insurance products are the same – the breadth of coverage can vary drastically among the products offered by insurance carriers. That’s why it’s important to partner with a broker that understands the banking industry and is experienced in placing tailored Cyber insurance coverage. That partner is Financial Guaranty Insurance Brokers (FGIB).
  • Third-Party Cyber Coverages

    Data breaches are now a consistent cost of doing business in the cyber crime era, with organizations, particularly in the highly regulated financial industry sector, taking the necessary steps to incorporate data-protection strategies. In fact, along with the healthcare industry, those in the financial industry have the most costly data breaches because of fines and the higher-than-average rate of lost business and customers.
  • Stock Brokers Blanket Bond

    Stockbrokers, investment bankers, stock exchanges, securities firms and commodity brokers need to safeguard their assets and businesses from losses involving a wide range of criminal activities – everything from employee dishonesty to on-premises robbery. Financial Guaranty Insurance Brokers (FGIB), with more than three decades of serving the financial industry, is well positioned to provide you with protection with a Stockbrokers Blanket Bond. We partner with leading insurers to offer you the peace of mind you want in the event of a loss.
  • Kidnap & Ransom/Exortion

    Each year, kidnappers rake in an estimated $1.5 billion in ransom payments with an estimated 15,000 to 20,000 reported kidnappings taking place globally. Among the prime targets are wealthy businessmen and their families and professionals here at home and traveling abroad. This includes those in the financial sector, such as banks and thrifts and securities firm, and businesses of all types including IT firms, healthcare firms, and non-profit organizations. Financial Guaranty Insurance Brokers (FGIB) provides flexible Kidnap, Ransom & Extortion (K&R) coverage, along with crisis management services, in the event of an incident through our top-tier insurers, to protect you and your valuable employees.

About us

Founded in 1983, Financial Guaranty Insurance Brokers, Inc. (FGIB) over the years has specialized in insurance coverage for the financial industry, particularly for community banks and other banking institutions. As the industry expanded, we did too, providing protection to Financial Technology (FinTech) companies (start-ups that provide mobile payments, money transfers, loans, fundraising and asset management).

In addition, FGIB provides a broad spectrum of diverse small to mid-size firms with Crime and general business insurance. We bring the same level of commitment to other industry sectors that has made us so successful in the financial industry. Our experienced brokers with each of the clients we serve understand the subtle nuances that are so important for obtaining the best, most comprehensive policies for your unique needs.

With three decades serving the financial sector, you can be assured that we know your industry, its peculiarities, and how to best insure your risks. And because our forte is personal service, instead of looking to write thousands of accounts we staff up to handle a select customer group. You’ll immediately experience this in the personal attention you receive.

Your business and your position cannot afford exposure to risk. Instead of talking with an insurance agent, you deserve the advantages offered by a financial insurance broker such as FGIB. We’d like to be of service to you.  

Contact Us

Contact

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  • (626) 793-3330

Address

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2500 East Colorado Boulevard #260
Pasadena, CA 91107
United States

Business Hours

Mon:8:30 AM – 5:00 PM
Tue:8:30 AM – 5:00 PM
Wed:8:30 AM – 5:00 PM
Thu:8:30 AM – 5:00 PM
Fri:8:30 AM – 5:00 PM
Sat:Closed
Sun:Closed