Progressive, best known for its auto insurance, has introduced a new director & officers liability policy for financial institutions.

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The policy addresses the recent developments in community banking since the Gramm-Leach-Bliley Act of 1999, which allowed banks further access into the insurance and financial services industries, the company said.

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Bankers are now able to protect the directors, officers and the bank itself against exposures arising from the many services they now provide, either under a broad-form contract or an individual named peril basis that covers a specific issue.

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