Navigators Pro, a division of Navigators Management Company, has introduced the Broker InNAVation Securities Broker/Dealer Professional Liability policy.
The Broker InNAVation policy provides coverage for securities broker/dealers, their officers, directors, registered representatives and employees legally obligated to pay covered damages resulting from a covered wrongful act caused by the insured in performing or failing to perform its duties. A broad definition of “claim” includes administrative hearings, arbitration proceedings and/or litigation resulting from services performed.
The policy is specifically designed for securities broker/dealer firms with up to 250 registered representatives. Limits of liability are available up to $5 million for acceptable insureds based upon underwriting evaluation. The Broker InNAVation policy is underwritten by Navigators Specialty Insurance Company, a surplus lines carrier, which is rated “A” (Excellent) by A.M. Best.
“The securities broker/dealer marketplace is large and fragmented with over 5,000 registered firms,” said Russell Creighton, underwriting manager of Navigators Pro. “These firms are facing a high level of claims for alleged breach of fiduciary duty, suitability of investments, negligent supervision and improper investment advice.”
The Broker InNAVation policy is limited to eligible risks subject to Navigators’ underwriting evaluation.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Belgium.
Source: Navigators Pro, www.managementliability.com
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