Financial Services is a broad industry category, but like all OneBeacon specialties, this business reflects a specific niche we know well, namely community banks.
Some of the costliest insurance risks associated with operating a community bank include robbery, the threat of employees embezzling money and fire damage to the facility. However, one of the largest –and least expected – liabilities faced by banks today is right beneath your toes: the open, spacious lobbies with polished stone and tile floors that leave bank patrons especially vulnerable to slips and falls.
A blackout is a momentary or prolonged loss of power. A blackout can result in lost or corrupted data, failures of process control equipment, and loss of products or services. A brownout is a significant voltage reduction which results in similar problems. Both of these conditions can be considered power interruptions or outages. A power interruption can happen for any number of reasons and at any time of the day or year. Planning for this event, which will happen sooner or later, is key. What can you do to prepare for a power interruption?
With corporate account takeover (CATO) on the rise, commercial customers’ lack of computer protocol and security is an increasing concern for banks. CATO is when thieves use malicious software to hack into a customer’s computer, log into their bank’s website and steal money and/or sensitive information.
When it comes to losses of electrical and electronic equipment, few events can match the destruction caused by surges (transients) and electrical noise. These phenomena are responsible for about 50 percent of most electronic equipment failures today—and that doesn’t even begin to take into account the latent damage or degradation to electrical equipment caused by surges.
Multitasking behind the wheel is not just a habit of reckless teenagers, but a growing trend for all drivers in the U.S. The temptation to multitask and thus distract our focus from the road is all around us when we drive for business or personal reasons. Distracted driving ranges from cell phone use, texting, eating, inputting or looking at directions on a GPS and so much more. Each of these activities takes a driver’s concentration off of the road and places them and others at risk for a vehicular crash.
With each passing season, community banks face weather-related hazards for which to prepare. After winter blows through with ice and snow, the spring spawns potentially dangerous storms. While the costliest product of a thunderstorm is hail, the most violent storm is a tornado. In the United States alone, severe thunderstorms and tornadoes caused over $10 billion in property damage in 2015. As the seasons begin to change, community banks can take this opportunity to look at measures that could help protect people, buildings and property before a storm potentially causes damage.
Making sure that the equipment supporting your work environment is fully operational is a priority for those who focus on facilities management. Whether heating and cooling, electrical or computer networks, continually maintaining such equipment is key to ensuring seamless operations. We are pleased to share a comprehensive checklist for the inspection, testing and maintenance of various building systems such as boilers, air conditioning, electrical and mechanical. Authored by our partners at Hartford Steam Boiler, this material will help those accountable for facilities management address maintenance plans.