Retail stores that sell merchandise on time payments or on deferred payment plans have an insurable interest in the merchandise until the customer makes the last payment. If such merchandise is damaged, the customer stops making payments and the store sustains a loss. Installment sales coverage indemnifies the store for the unpaid or outstanding balance owed on the merchandise that … Read More
This coverage insures the legal liability of an accountant or accounting firm for injury or damage that results from professional services it rendered or did not render, caused or allegedly caused by neglect, error, omission, dishonesty, misrepresentation, fraud, libel, slander, or defamation of character. Certified public accountants and accounting and bookkeeping firms that employ accountants are eligible.
Third-party claims administrators face legal exposure for negligent acts, errors, and omissions that may occur as they perform professional claims services for others. TPAs are employed by self-insurers, insureds with high deductible plans, and captives to handle workers compensation and commercial general liability claims. Underwriting issues presented by this class of business and coverage include the history of claims made … Read More
Actuaries were once associated with only insurance companies. They are now recognized as independent advisors whose expertise is used by many different businesses. Independent actuarial firms provide services such as outsourcing for insurance carriers that need temporary assistance on certain projects. They also offer advice to financial entities that attempt to determine the future value of potential takeover targets. Some … Read More
This coverage is written on a claims-made basis. It protects an IRA or Keogh plan administrator, often a bank or association, against claims that arise from alleged mishandling of the plan’s accounts. It covers defense costs and reimburses reasonable expenses and attorney’s fees incurred by officers or directors.
Mutual funds permit smaller shareholders to invest in a number of stock portfolios instead of investing in individual firms. Fund managers have an important fiduciary responsibility to fund shareholders. Coverage for errors and omissions in administering the fund insures the fund itself, as well as individual managers, officers, and directors.
Pension consultants are professionals who work with employers to formulate, implement, administer, and maintain qualified retirement plans and other employee benefits programs. They often work with actuaries to provide complete services to both employers and employees. The type of services provided determines the risk’s acceptability and the premium to charge.
Premium finance companies provide flexibility for insurance agents and their clients. However, a premium finance company’s negligence can result in a substantial loss, especially if the insurance company cancels a policy for nonpayment of premium and a loss occurs during the lapsed time. Errors and omissions coverage pays defense costs and damages when allegations of errors or omissions are made … Read More
This coverage insures registered representatives of brokers/dealers against claims brought against them for financial losses caused by their alleged negligent acts, errors, or omissions when they sell mutual funds or variable annuities. Registered representatives are persons registered with the Financial Industry Regulatory Authority (FINRA) who are licensed by the appropriate state securities regulatory agency. Licensed property, casualty or life insurance … Read More
This professional liability coverage indemnifies the insured stockbroker or stock brokerage firm for claims made against it during the policy period. The claims must arise from alleged negligent acts, errors, or omissions in the insured’s capacity as a stockbroker in the purchase or sale of securities on accounts of its customers. Coverage is available on either a per-claim/annual aggregate basis … Read More