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AKA E&O Insurance for
Financial Planners and Investment Managers
There are basically four
types of E&O in this business:
▪ E&O for Broker Dealers
▪ E&O for Registered Investment
Advisors (RIA)
▪ E&O for selling insurance
company products
▪ E&O for selling written
financial plans for fees
You should find a company that
covers all of the things your practice does. And then make sure their policy:
▪ Has a high insurance rating.
▪ Has "Duty To Defend,"
not just the "Right To Defend" so they will have to defend you in court.
▪ Is not a "Claims Made"
policy.
▪ Get one based on
"Incident" so coverage will kick in as soon as there is an incident (so you
don’t have to wait until there is a claim).
▪ Covers "Discretion" even
if you only have Limited Discretion.
▪ Also, getting "Tail Coverage" is a good idea.
This is all this website has to do with E&O. We don't sell
it.
Google for more information and to
find firms that sell it, and to look up the meanings of basic terms.
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