One of the first professional liability insurance policies was written for a CPA in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932). Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts. In fact, the doctrine of negligence arose from the Scottish […]
How comprehensive is your coverage? Why a limitation in your Errors & Omissions policy for negligence only is a very bad idea.
by Rickard Jorgensen, FCII, ACIArb., ARM Recently one of our competitors relaunched and rebranded its Errors & Omissions program for Investment Advisers. The new program was promoted as broader coverage and an enhancement upon the previously terminated program. There were various “bells and whistles” added to the program but one important feature was conspicuously overlooked […]
ile Retention policy The following is a template outline for a file-retention policy created by Ralph Picardi, Esq. You may use this as a guide as you adopt your own policy. It is important to consult with a local attorney and/or your state society to decide whether and to what extent this sample policy should […]Read More
From a $1 million office supply heist to an adviser who stole funds from his own mother, this year had its share of regulatory busts that you had to read about to believe. Check out which cases of 2014 had the most audacious violations by advisers and other financial professionals. Summary Reason Adviser accused of […]Read More
Industry regulators handed out some hefty fines to financial firms in 2014, due to a variety of misdeeds and oversights. We’ve pulled together a rundown of 10 of the biggest fines handed out this year, presented in order of the amount of the fine. These are all fines given to firms, so individual broker or […]Read More