Errors & Omissions Insurance for Financial Professionals
NAPLIA provides Investment Advisors, Broker / Dealers, TPA's, and other Financial Professionals, one stop for all your professional insurance needs including Errors & Omissions Insurance, Fiduciary Liability Insurance, and Investment Advisor ERISA Bonds
Addressing the insurance needs of Investment Advisors and other Financial Professionals
NAPLIA is changing the way financial professionals buy insurance. Investment Advisors, Plan Consultants, Broker Dealers, and other Financial Professionals face an increased risk of claims for their professional services. ERISA continues to broaden the definition of "who is a fiduciary" and for Investment Advisors and Financial Professionals the transfer of risk to insurance policies is the most effective risk management.
NAPLIA represents the leading insurance markets serving the investment and financial industries. We represent your best interests and provide you with multiple quotes to make the most informed decision. Policies are available to help protect Investment Advisers from claims alleging mismanagement of customer accounts, breach of fiduciary duty, ERISA liability, employee fraud, acceptance of invalid investments and similar errors and omissions in rendering professional services to customers.
Insurance Policies available to Investment Advisors:
Click on each link for in-depth details on coverage and policy forms
Professional Liability / Errors & Omissions Insurance (E&O)
Provides coverage for negligent acts, errors or omissions of the Investment Advisor (third party coverage).
Investment
Advisors ERISA Bonds
Required by ERISA if the Investment Advisor has discretionary authority of client funds (third party coverage). Can be written on an individual plan or blanket basis. These bond the IA for fraud and theft of client plan funds.
Fiduciary
Insurance
Covers plan fiduciaries for breach of fiduciary duties (1st party coverage).
Employee
Dishonesty Insurance
Provides coverage for theft or misappropriation of your funds by your employees (1st party coverage). Can be endorsed to include third party coverage (theft of client funds), and crime (theft of your funds by non-employee). May also provide automatic ERISA bond coverage.
ERISA Bonds
Required, by ERISA, to be held by the plan holder (1st party coverage). Must be equal to 10% of the plans assets up to $500,000.
