Since 1957, Theodore Liftman Insurance, Inc. has focused exclusively on providing financial insurance that is tailored to the individual requirements of investment services firms. Over 2,000 investment firms use Liftman Insurance because of their knowledge and experience in the insurance industry. Stay ahead of our clients risk exposure with industry-leading products and can obtain hard to get coverage. This brief and informative guide provides a valuable overview of the insurance landscape for investment advisors.
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Liftman is uniquely qualified to help investment advisors overcome the many difficult and one-of-a-kind insurance situations they often face. We represent the most complete range of financial insurance products and have worked with most of the leading carriers for decades. We are therefore well positioned when it comes to crafting special policy language, negotiating special rates, and advocating special coverage on behalf of clients. We also have special insight into carriers' underwriting process.
Errors & Omissions Insurance (also known as E&O or Professional Liability Insurance) protects the investment advisory firm and employees if they are sued by clients for any actual or alleged negligent act, error or omission, or breach of fiduciary duty committed in the scope of performing or the failure to perform their professional services.
ERISA Bond ApplicationEvery fiduciary responsible for managing a client's pension, profit sharing or thrift plan and every individual or entity that handles the assets of such plans is required to obtain ERISA bonds under section 412(a) of the federal Employee Retirement Income Security Act of 1974 (ERISA).
This is a bond that the law requires certain investment professionals to post with some states. It is a contract whereby an insurance carrier (the surety) agrees to have secondary responsibility to the state (the obligee) for any default or debt of the investment advisor (the principal). It generally permits the state and residents of the state to sue under the bond for damages incurred as a result of the principal's violation of the provisions of the bond and/or the state's securities laws.The bond indemnifies the obligee for losses sustained as a result of such default, up to the amount of the bond.
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