For years, we have received calls from Reps looking for a solution for their high deductible exposure, and we now have an affordable solution that can be implemented simply and quickly.
Framingham, Mass. (PRWEB) March 16, 2015
North American Professional Liability Insurance Agency, LLC (NAPLIA) announces its exclusive Deductible Reimbursement Insurance Program (DRIP) for individual Registered Representatives and Investment Advisors, which effectively insures them for their high deductible obligations under their current broker/dealer professional liability program.
This unique program reduces high deductible exposures for financial professionals. While traditional broker/dealer errors and omissions policies cover Reps for their professional exposure, these policies unfortunately leave them with a large deductible exposure, typically from $15,000 to more than $50,000 per claim. This program has the ability lower the deductible by up to 90% and can be secured on the firm level or purchased by individual Reps online at http://www.deductiblesolution.com.
The policy addresses several Reps’ concerns:
- Unrealistic expectation for the individual Rep to pay deductible
- Emotional and financial stress
- Indemnification for broker/dealer deductible for which the Rep is contractually liable
In the event of a claim, the DRIP reimburses the Rep for the deductible, up to $45,000 per claim, reducing exposure down to $5,000. The policy cost is $500 premium per individual Registered Representative or Registered Investment Advisor, plus a $150 annual policy fee and state premium tax (usually less than $25). To apply, Reps complete a short application and questionnaire at http://www.deductiblesolution.com.
“For years, we have received calls from Reps looking for a solution to their high deductible exposure, and we now have an affordable solution that can be implemented simply and quickly,” said Paul Smith, AIF, Senior Vice President, Investment Advisory Division at NAPLIA. “Reps are happy to absorb the minimal cost in order to secure this extra protection.”
The DRIP program is administered nationally by North American Professional Liability Insurance Agency, LLC (NAPLIA), and issued by The Hanover Insurance Group, a Fortune 1000 company which is ranked among the largest property and casualty insurance companies nationally. The program will be underwritten by AIX Group, a member of The Hanover Insurance Group.
“We are excited to be at the forefront of such a unique program that will help address an unmet need of thousands of financial professionals,” said David Sessions, Assistant Vice President for The Hanover Insurance Group. “By partnering with NAPLIA to deliver this innovative program, we are able to be a part of the solution to help reduce the personal financial risks facing these individuals.”
To learn more about the Deductible Reimbursement Insurance Program, visit http://www.deductiblesolution.com or contact Paul Smith, NAPLIA Senior Vice President, Investment Advisory Division, at 508-656-1315 or PaulS(AT)naplia.com.
NAPLIA is an independent, national insurance agency that provides errors and omissions and insurance consulting services to the Financial Industry serving Investment Advisors, Broker/Dealers and Third Party Administrators. Established in 1998, NAPLIA is a leading provider of professional liability insurance. NAPLIA is a proud member of the Professional Liability Underwriting Society (PLUS), the Better Business Bureau and holds the highest rating from Dun & Bradstreet for companies of their size. Please visit http://www.naplia.com for more information.