Nuts & Bolts:
CalSurance enhanced its specialized errors and omissions program for broker-dealers with 75 or fewer registered representatives. The program enhancement now provides each broker-dealer with its own policy limits without sharing a master policy aggregate with other broker-dealers in the program. It provides protection against claims arising out of acts, errors or omissions in the rendering of professional services by a broker-dealer, its registered representatives, RIAs or insurance agency. Other select features of the program include duty to defend civil proceedings, supervisory coverage for the broker-dealer that extends to terminated, retired and disabled registered representatives, and coverage for libel, slander and defamation.
Dollars:
The program offers up to $1 million in limits of liability and has deductibles starting at $25,000 for broker-dealers and $5,000 for registered representatives.
Carrier:
Quanta Specialty Lines Insurance Co. rated “A-” by A.M. Best, nonadmitted.
States Available:
All except Connecticut, New Hampshire, New Mexico and Minnesota.
Contact:
Mary Serafino, (800)-280-7250, or mserafino@calsurance.com.
Topics Agencies
Was this article valuable?
Here are more articles you may enjoy.
PHLY Makes Largest Acquisition in Its History With Collector Car Business Expansion 
Hackers and Crime Rings Are Teaming Up to Steal Cargo, Cyber Firm Says 
Insured Losses From Hurricane Melissa Could Reach $4.2 Billion, Verisk Estimates 
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar From This Issue
