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Frequently Asked Questions


What is covered under an RIA E&O Policy?

Each contract is different. The definition of Professional Services is critical in determining what is/is not covered. Also, be careful of exclusion added by endorsement.


If I change insurance carriers will I be able to keep my prior acts coverage?

Most carriers will honor your current prior acts date. If you are insured solely through your BD, your prior acts coverage could be limited.


What are the most common types of claims experiences by RIA's?

Breach of fiduciary duty is the most common claim followed by breach of contract, negligence, and failure to supervise.


I am worried about making a bad trade. Do these policies cover this issue?

Several insurance carriers put trading error/cost of corrections into the base form of their policy while other carriers add it via endorsement. This is something you will want to know and the Uhl Agency can help you out to see if you have coverage currently.

What is a retro-active date?

Most underwriters issue a retro-active date which means that any act committed before this date is not covered. Proper negotiation of this subject is crucial.


How much coverage should I buy?   

While there is no perfect science to how much limit you should buy. We will be more than happy to share with you how much limit people buy based on their AUM!


What is the difference between and ERISA Fiduciary Fidelity bond and a Fidelity bond?


An ERISA/Fiduciary Bond is merely an amended Fidelity Bond; both respond to claims involving dishonest acts but the ERISA Bond complies with the specific requirements of ERISA law. Note that an ERISA/Fiduciary Bond is required under Section 412(a) of the Employee Retirement Income Security Act of 1974 which mandates that every fiduciary of an employee benefit plan and every person who handles funds or other property of such plan must be bonded. The ERISA fidelity bond is discussed in detail on our website


Can I buy E&O and cyber coverage together in one policy?

Several carriers are now offering cyber endorsements onto an E&O policy while other carriers offer them as separate policies.

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