Applications & Forms for Financial Advisor Insurance Products.
Investment Advisors and Consultant's Errors & Omissions (aka Professional Liability) policy protects advisors and consultants against losses due to any actual or alleged negligent act, error or omission committed in the scope of their duties as investment counselors/advisors.
ERISA attorneys who assist plan sponsors with their RFP's and compliance reviews are becoming a driving force behind Investment Advisors seeking clarity on their insurance coverage. Proof of insurance coverage may no longer be satisfied by a Certificate of Insurance (COI). Having affirmative fiduciary coverage should be used as a marketing tool.
The only way to determine if your Errors & Omissions policy provides coverage for the advisor - and the entity - is to have a
"legitimate expert" read the policy, including all endorsements, and compare the coverage to the services offered.
Errors & Omissions policies vary widely and they can contain coverage restrictions and contradictory clauses on policy coverage intent. NAPLIA provides Professional liability insurance or errors and omission insurance for all types of investment advisors and financial professionals:
Investment AdvisorsInvestment ConsultantsThird Party Administrators / TPAsTrustees Broker/DealersPension ConsultantsLitigation Consultants
Many Investment Advisors believe they have the appropriate Professional Liability Coverage for the services they provide when in fact they don't. As a result, expert retirement plan advisors are raising the bar on their competitors by proactively reviewing their policies and presenting a Confirmation of Insurance with proof of affirmative fiduciary coverage upfront.
Contact us for additional information:
Paul Smith, AIF Pauls@naplia.com 508-656-1315