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Program Features

Accountants Professional Liability Insurance Adviser


Wide definition of covered activities and who is protected

Covered Activities:

  • Professional Services means services you perform for a client or professional association in your capacity as an appropriately licensed, accredited or certified investment adviser or registered representative.

Professional Services as an Investment Adviser shall not include:

  • Any services rendered during the period of any suspension or revocation of the Insured’s certification, liscensure, accreditation appointment or other right to practice as a Registered Representative, Registered Investment Adviser, Financial Adviser, Financial Consultant, and Life insurance Agent; or


  • Investment Adviser means an individual who is in the business of providing:
  • Financial Planning Services as a Financial Planner; or,
  • Investment Management Services as A Registered Investment Adviser or,
  • Life Insurance Agent; or,
  • Registered Representative; or
  • Services as a “3(38)” adviser as defined by ERISA section 402(c)(3); or
  • providing general financial education courses and seminar including, but not limited, courses in support of Section 404(c) of Employee Retirement Income Security Act of 1974 (“ERISA”).

Coverage for acts as a fiduciary when performing ERISA type plans

Coverage for Fiduciary Liability provided by endorsement which states:

Covered Act also means a Fiduciary Act by you, during the Policy Period and after the retroactive date stated in the Declarations.

Fiduciary Act means any actual or alleged:

  • Act, error or omission solely in the Administration of a Plan; or
  • Professional Services as a fiduciary for others for a fee; or
  • breach of the responsibilities, obligations or duties imposed upon any of you in capacity as a fiduciary of any Plan other than a Plan organized for the benefit of you or your employees by: (i) ERISA; (ii) HIPAA; or (iii) the common statutory law of the United States of America or any other jurisdiction anywhere in the world
  • other matter claimed against the of the you solely because of your service as a fiduciary of any Plan; or
  • act, error or omission solely in the Administration of a Plan.

The Endorsement also expands the definition of who is covered as being:

  • Any person who is, was, or hereafter becomes your partner, principal, officer, director, member, or employee, but only while acting as a fiduciary or duly elected or appointed trustee, director or officer of any Plan, other than a Plan organized for the benefit of you or your employees

It also extends to the definition of damage that includes:

  • Damages shall include the 5% or less, or 20% or less, civil penalties imposed upon an Insured under 502 (i) or (l), respectively, of ERISA.

Provides premium discounts for a variety of professional designations and risk management practices

Premium Discounts are available for the following risk management features:

Risk Management Characteristics:

  • Internal Compliance Officer
  • New client screening procedures/Client Relations
  • Internal Management/Training/Controls
  • Good internal audit by SEC or outside consultant
  • Written Formal Policies and Procedures/Formal Risk
  • Risk management training program for new hires

and for various best practice features of your firm:

  • Firm Characteristics
  • Firm Structure, History and Financial Condition
  • Severity Exposure/Transaction or Case Size
  • Professional Qualifications or designations
  • Assets Under Management Ration

Competitive pricing (in comparison) with other generalists insurers of this class

AdvisersGold™ is specifically designed for well-managed specialists wealth consultants and rates have been adjusted to recognize the preferred exposure presented. Consequently, AdvisersGold™ can offer premiums at costs superior to generalist professional liability insurers. Premium discounts are also available for a variety of positive risk management features and membership of professional association.

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