New Deposit Bond Policies from Parr Insurance Offer Protection Beyond FDIC Limits

Chicago-Based Insurance Brokerage Pioneers Novel Product for Large Depositors

CHICAGO, Oga. 2, 2022 /PRNewswire/ — Financial institutions and large depositors – such as municipalities, school districts, government agencies and individuals with high incomes – will benefit from the Excess Deposit Insurance Bond (EDB) now being offered by Chicago-from Parr Insurance Brokerage which guarantees to have more than the Federal Deposit Insurance Corp. (FDIC) $250,000 limit.

EDB’s well-known program, with strong limits based on the assessment of the institution’s funds, helps banks and credit unions around the world to help attract larger deposits, avoid collateral pledges and help comply with government regulations designed to protect public funds. EDB has a simple approval process; payments based on used limits, not actual limits; and, with its competitive prices, it is cheaper than other solutions.

For investors, in addition to the strong margin, EDB has insurance and the right to pay interest and issue a certificate of insurance issued in the name of the investor. These new features are available for all types of savings and accounts, including money market or CDs.

“Many banks reduce the amount of money they take because the appraisers consider the money to be risky,” he said. Melissa Neis, vice president of Parr Insurance Brokerage, who has extensive experience serving financial institutions and working to protect high net worth individuals and families. “The implementation of all these protections will provide a premium to insurers and improve the processes of banks and credit unions to manage more money and serve their customers better.

“EBD products should be attractive to banks because they are an easy way to acquire new customers while retaining their most valuable customers and meeting their financial needs,” said Neis. “In addition, the EDB provides assurance to public entities including municipalities, school districts, park districts and others that the large sums of money they provide often through referenda and bond issues will be protected.”

High net worth individuals and family offices, too, can benefit from EDB, according to Neis. “With this product, an individual who receives a large inheritance of several million dollars or a family that manages large sums of money can avoid any problems that may be faced by the FDIC limits when preparing such deposits,” he said.

“And, for individuals and public bodies who prefer to keep their money ‘at home’ in the community at a nearby location, EDB can help.”

Additional information about the application process, limits, rates and other information is available for inspection or communication Melissa Neis at 773.489.3001 or [email protected].

Parr Insurance Brokerage is rated AM Best A (Excellent).

About Parr Insurance Brokerage

Chicago-based Parr Insurance Brokerage provides high-quality, comprehensive insurance coverage for financial institutions, private individuals, business owners, property managers and more. As an independent insurance agency, Parr works with a national and international network of established professional carriers. Parr Insurance provides coverage for valuable real estate, professional exposure, valuable property and collectibles and support for a rapidly growing economy.

SOURCE Parr Insurance Brokerage