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In 2005, ISO introduced the Financial Institutions Program designed for the coverage needs of financial institutions. The program initially targeted banks and savings institutions. A variety of forms were added later to address the needs of other entities, including credit unions, securities brokers, mortgage bankers and others. The program is being rewritten, structuring coverage as a Bond to reflect the traditional identity of these forms as found in federal and state regulations. New coverages are being added as well, and existing coverages are being updated. This new form, Financial Institution Bond – Banks and Savings Institutions FI 00 60 12 19 replaces the Financial Institution Crime Policy for Banks and Savings Institutions. Because of the extensive rewriting, we will simply analyze the new form in its entirety.  Due to the length of the form, it will be discussed in separate sections. This article discusses the insuring agreements, of which there are eighteen.

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Christine G. Barlow, CPCU

Christine G. Barlow, CPCU, is Managing Editor of FC&S Expert Coverage Interpetation, a division of National Underwriter Company and ALM. Christine has over twenty-five years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Before joining FC&S, Christine worked as an Underwriting Supervisor for Maryland Auto Insurance Fund, and as Senior Underwriter/Underwriter for companies Montgomery Mutual, Old American, Charter Group, and Nationwide. The publications Christine has written or edited include Personal Lines Unlocked: The Key to Personal Lines Underwriting, Personal Lines Endorsements Coverage Guide, Commercial Flood Insurance Coverage Guide, Personal Flood Insurance Coverage Guide, Homeowners Personal Lines Coverage Guide 5th Edition, Personal Umbrella Coverage Guide 2nd Edition, and Condominium Coverage Guide 2nd Edition, all published by the National Underwriter Company. Christine regularly writes for Claims Magazine and National Underwriter Magazine. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter. Christine graduated cum laude from Towson University, Maryland, with a degree in Sociology/Psychology with a concentration in Gerontology.

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