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We Protect YOU

                                   from the Unexpected

                                                 MBIS Offers Equifax Breach

                                                               Professional/Specialty Lines

                                                                 •  Financial Institution Bond
                                                 Equifax, a major credit reporting agency, suffered a data breach potentially
                                                                 •  Directors & Officers Liability
                                                 impacting millions of Americans. Since Equifax is one of three major reporting
                                                 agencies that provide services to thousands of financial institutions across the
                                                                 •  D&O Civil Money Penalties
                                                 country, many community banks are concerned how this event may impact
                                                                 •  Cyber Liability
                                                 them and their banking operations from an insurance perspective.
                                                                 •  EFT Guard
                                                                 •  Excess Deposit Bond
                      Jeff Otteson               Midwest Bankers Insurance Services (MBIS), an NDBA-endorsed business
                      Vice President of Sales    partner, was formed to provide education and risk management for these
                                                               Property & Casualty Lines
                      complex situations.  NDBA’s representatives, Adam Dawson and Jeff Otteson,
                                                                 •  Property & Casualty
                                                 are here to be of assistance to North Dakota banks whenever they are needed.
                                                 As part of MBIS’ risk management and insurance placement efforts on behalf
                                                                 •  Foreclosed Property
                                                 of  community  banks,  they  have  seen  many  community  banks  that  have
                                                                 •  Workers Compensation
                                                 Cyber Liability including First Party Expense coverage as part of their overall
                                                                 •  Umbrella Liability
                                                 Professional Liability package of coverages. Please be aware that to the extent
                                                 that your bank incurs legal liability, necessary costs to respond to this issue, legal
                                                               Lending Related Lines
                                                 expenses to gain advice on advisable responses to the breach, etc., some of these
                                                 expenses may be covered by your Cyber Liability policy. While being aware that
                                                                 •  Master Property (Force Placed)
                                                 all terms, conditions, and limitations of your coverage will apply, your insurance
                                                                 •  Mortgage Protection
                                                 company and their internal or outsourced vendors can be an excellent source of
                                                                 •  Lenders Single Interest
                                                 assistance.     •  Flood Compliance Solutions
                      Adam Dawson                While the Equifax data breach is still developing, banks may consider putting
                      Regional Sales Manager
                      their insurance company on notice of a potential claim so that you can begin
                      952.857.2604               to take advantage of the resources they have made available to you through the
                                                 purchase of your policy. Keep in mind that these resources are usually subject
                                                 to a retention.
                                                                  MIDWEST BANKERS
                                                                  Insurance Services
                                                 For any questions, please contact Adam Dawson, or 952-
                                                 857-2604 or Jeff Otteson,, or 608-217-5219. n

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