IBA - Illinois Bankers Association

IBA Insurance Services

You’ve counted on the IBA for years to provide group health insurance to member banks, and now we’ve expanded. The IBA Insurance Agency is full-service, offering directors and officers, bonds, property, liability and other specialty coverage that banks need to operate in today’s environment.

We’re different from our competition because we work only with banks, so we know your business and understand your needs. Coupled with our experience, volume, and reputation with the major insurers, we’re a natural fit as your insurance agency. We do the research and bring forward the best products and services available anywhere – building a coverage and benefits packages unique to your situation – not the customer down the street.

Financial Institution Coverages

  • NEW - Long Term Care
    Partnership with Secured Retirement Strategies Group, LLC
    For those with assets to protect, today’s new hybrid products and group products offer an outstanding solution. These new programs include:
    • Voluntary coverage
    • Portability
    • Automatic payroll deductions
    • Online applications
    • Potential tax advantages
    • Simplified issue underwriting
    • Health Savings Account tax free reimbursement of LTC premium
  • Illinois Group Health Plans

  • Financial Institution Bond
    No aggregate Limit
    Cyber Extortion
    Claim Audit Expense up to $100,000
    Excess Deposit Coverage

  • D&O Liability
    Management and Professional
    Separate Limits/Separate Aggregates
    Securities coverage
    Depositor Liability
    Fiduciary and Lender Liability
    Trust E&O
    Cyber Liability

  • Property
    Blanket coverage Buildings & Contents
    $500,000 Property Basket per scheduled location
    Broad Perils
    Earthquake, Mine Subsidence

  • Liability
    Aggregate per location up to $10 million
    World – wide Coverage

  • Auto
    Broad Form Endorsements

  • Mortgage Holders E&O

  • Workers Compensation

  • Umbrella
    No retention
    Pay on Behalf of
    Aggregate Limits per location

  • Forced Placed Consumer Products

  • Forced Placed Property and Flood Insurance

  • Life Insurance Coverage – Your bank may elect to provide Group term life as a flat amount or multiple of salary. Up to three times the employee’s Base Annual Earnings for Life and AD&D, up to a maximum of $250,000. This is one of the least expensive but most beneficial benefits that an employer can provide.

  • Short Term Disability (STD) and Long Term Disability (LTD) Coverage –Our group plan offers both Short Term and Long Term Disability benefits that afford income protection to bank employees in the event that a disability prevents them from working.  If an employee must miss work, our insurance carrier will ensure that specialized resources and support remain in place to help the employee return to work as soon as safely possible.

  • Dental Coverage – Our group plan offers a “passive” PPO dental option that affords the savings of a PPO plan, with the freedom to see any dentist. Orthodontia for Children is included in both the $1,000 and $1500 plans.

  • Vision Care Coverage – your bank may elect to offer vision as an employer paid benefit or as a voluntary program. The rates are the same. Employees value vision care coverage as an excellent fringe benefit that can only be provided by their employer.

For more information, contact IBA Insurance Services.