Industry Articles Archives

09 Sep Selecting Limits of Liability

Posted at 06:35h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]We are often asked what limits of liability are appropriate for a practice. As underwriters, we always recommend that you select the highest limit of liability the underwriter will offer and that you can afford. Here are a few...

09 Sep Are There Differences Among Investment Advisor E&O Policies?

Posted at 06:34h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]We have been managing the same E&O professional liability program for RIA's for more than ten years. That's ten years of phone calls, letters, requests for clarification, and, in general, a significant amount of misunderstanding and confusion about...

09 Sep Surviving in the Liability Jungle

Posted at 06:32h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]In response to the question “What is it about your practice that keeps you awake at night?,” a CFP I spoke with recently replied, ”Nothing. That’s what I have insurance for.” A more accurate answer -- for this...

09 Sep Standards & the CFP Practitioner’s Exposure to Liability

Posted at 06:30h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]As we stand at the edge of the implementation of CFP Practice standards, much concern has been expressed about the impact of these newly drafted standards. At its most extreme, the opponents of standards have asserted, sometimes in...

09 Sep The Perils of Group Sponsored BD E&O Programs

Posted at 06:26h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Many broker/dealers enter into contractual arrangements with a property/casualty insurer to provide insurance protection against their negligence or that of their registered representatives. Our experience has been, however, that neither the broker/dealer itself nor its registered representatives understand...

09 Sep Loss Prevention & the Greening of the FP Profession

Posted at 06:23h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Standardization -- the Two-Edged Sword. The financial planning profession is at a crossroads -- on the one hand, an ever growing number of voices clamor in support of increased levels of government regulation. As is nearly always the...

09 Sep Insuring Your Financial Planning Practice

Posted at 06:15h in Industry Articles

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]E&O professional liability insurance for financial planners and RIAs is sold by insurers operating is the excess and surplus lines market, or the E&S market as it is known in the insurance industry. Its characteristics differ from the...