Errors & Omissions for Broker-Dealers

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.