Chicago-based insurance brokerage launches new product for large depositors
CHICAGO, August 2, 2022 /PRNewswire/ — Financial institutions and large depositors – such as municipalities, school districts, government agencies and high net worth individuals – will benefit from the Excess Deposit Insurance Bond (EDB) now offered by ChicagoParr Insurance Brokerage, based in Parr, which guarantees cash holdings superior to the Federal Deposit Insurance Corp. (FDIC) $250,000 limit.
The highly rated EDB program, with robust limits available based on a review of an institution’s financial metrics, enables banks and credit unions nationwide to help attract larger deposits, d avoid pledging securities and facilitate compliance with national regulations designed to protect publicly raised funds. EDB offers a simple approval process; bonuses based on the limits used and not on the limits available; and, with its competitive pricing, is more cost effective than alternative solutions.
For depositors, in addition to the robust maximum limit, the EDB maintains insured status and the right to file a claim and offers a certificate of insurance issued in the name of the depositor. The new product is available for all types of depositors and accounts, including money market or CD.
“Most banks limit the number of traded deposits they accept because examiners generally consider such deposits risky,” said Melissa Neis, Vice President of Parr Insurance Brokerage, who has extensive experience in insuring financial institutions and also specializes in protecting high net worth individuals and families. “The launch of this comprehensive protection shifts indemnification to the insurer and streamlines the process allowing banks and credit unions to handle much larger sums of money and better serve their customers.
“The EBD product should be attractive to banks because it’s an easy way for them to attract new customers and retain their most valuable customers while meeting their funding needs,” Neis said. “In turn, the EDB offers a guarantee to government entities, including municipalities, school districts, park districts and others, that the substantial sums of money they often generate through referendums and public bonds will be protected.”
High net worth individuals and family offices can also benefit from the EDB, according to Neis. “With this product, someone receiving a large multi-million dollar inheritance or a family managing large amounts of cash can avoid any issues or concerns about FDIC limits when considering depositing such a sum,” said she declared.
“And, for individuals and government units who prefer to keep their money ‘at home’ in the community in a local institution, the EDB can help.”
Additional information regarding the application process, limits, pricing, and other criteria is available by visiting www.parrinsurancebrokerage.com or by contacting Melissa Neis at 773.489.3001 or [email protected].
Parr Insurance Brokerage is rated AM Best A (Excellent).
About Parr Insurance Brokerage
ChicagoParis-based Parr Insurance Brokerage provides premium, personalized insurance coverage for financial institutions, high net worth individuals, business owners, property managers and more. As an independent insurance agency, Parr works with a national and global network of established expert insurers. Parr Insurance provides coverage for high-value homes, business risks, valuable assets and collections, and coverage in response to the rapidly growing sharing economy.
SOURCE Parr Insurance Brokerage