M&T Bank Designs Insurance Programs That Provide a Company with the Most Cost-Effective Means of Transferring Financial Risk
With nearly three decades of experience in the insurance and risk management business, Kyle Samuel understands how industry and other dynamics can threaten the security of a business.
As head of M&T Insurance Agency (MTIA), Samuel can help identify solutions to safeguard your business against those dynamics.
Learn more about what MTIA can offer your business and how Samuel and his team can help put your mind at ease.
Describe M&T Bank’s insurance and casualty offerings, and is it a separate division of the bank?
M&T Insurance Agency (MTIA), a wholly owned subsidiary of M&T Bank, is a leading provider of insurance brokerage, risk management, and employee benefits consulting services. We offer our clients a wide range of insurance solutions including employee benefits, property & casualty (personal and commercial), and surety bonds.
How does this division interface with the bank’s customers and the public?
MTIA works directly with the public and M&T Bank customers alike to provide insurance brokerage and consulting services.
We provide recommendations based on the complexity of our client’s unique needs. For those with higher liability needs, we offer a premier risk assessment that helps identify gaps in coverage and makes recommendations designed to lower overall risk and maximize returns. For those with basic coverage needs, we seek to maximize the protection provided, while focusing on efficiency and price.
Why should someone consider your offerings over more established brokerages?
MTIA and its predecessor firms have provided insurance services for over 60 years. As one of the Top 60 insurance agencies in the country, we serve clients across the U.S. with global risk exposures. With deep expertise, our multi-disciplined teams of highly experienced professionals provide personalized, consultative insurance services.
How can someone get a quote on coverage?
Our Regional Market Leader, Tom Delark, is available to help anyone interested in personal or commercial coverage. He can be reached directly at tdelark@mtb.com. You can also visit MTIA’s website at www.mtia.com or call 1-800-716-8314 for support.
Why is it important for business owners to have the proper liability coverages, and how does one know the proper amount and types of coverage needed?
Protecting your employees and your balance sheet are paramount to building and sustaining a profitable business. We help clients design insurance programs that provide their company with the most cost-effective means of transferring financial risk.
How does your Surety Bonding program work, and what underwriting keys do you look for?
MTIA is one of the largest surety bond specialist agencies in the country and has helped a significant number of small contractors successfully grow their businesses. We have strong relationships with many surety companies, including several who specialize in bonding small contractors.
We analyze a contractor’s business from a surety company’s underwriting perspective (e.g. balance sheet strength, profitability, experience, staff, largest completed contracts), and work with the owner to review the company’s strengths and weaknesses. Together, we then develop a plan to obtain the surety credit needed to support the contractor’s business plan.
We also have a working relationship with the U.S. Small Business Administration to secure SBA guaranteed bonds when appropriate.
On the Surety Bonding side, if a commercial client earns a line of credit that is collateralized by all their assets and that same client seeks a surety bond, how would you treat those pledged business assets as collateral for the new bond?
Sureties provide surety credit knowing that most operating lines of credit provided by banks are secured by “blanket filings” on all the contractor's assets. It is normal practice for MTIA to place bonds for contractors whose lines of credit from the Bank are collateralized by all their assets.
The role of a surety is to “step into the shoes” of a contractor in the event of a bond default in order to satisfy the contractor’s obligations to the bond obligee under the terms of the bonded contract. The courts have ruled that sureties have first rights to receivables on bonded projects and equipment needed to complete bonded work. The legal justification is that unlike a two-party bank line of credit (contractor and bank), a surety bond is a three-party agreement (contractor, surety, and bond obligee) and the primary role of the surety is to prevent others from suffering financial losses (e.g. project owner, other contractors, suppliers, and employees).
How do you treat false or misleading statements from a client or prospect that you found out about after closing the deal? Or worse, if a claim is filed and you then find out?
During our conversations with our clients and prospects, we work diligently to ensure they understand the consequences of false or misleading statements to insurance carriers that can lead to cancellation of coverage and/or denial of a claim. If we learn of false or misleading statements by our clients or prospects, we will immediately reach out to them to discuss and ensure we understand the facts and circumstances.
If indeed we determine there were false or misleading statements made to MTIA or any insurance company, we have a legal and ethical obligation to advise the insurance company of this and will work diligently with them to rectify the issue on behalf of the client.
Contact Information:
Kyle Samuel
Head of M&T Insurance Agency (MTIA)
