With BWD, your wealth management business is covered.
Wealth managers and similar investment advisors face numerous challenges and
assume a great deal of responsibility on behalf of their clients.
Whether you recently opened your own wealth management office or are
controlling a long-established one, a carefully selected business
insurance portfolio is essential to protecting your interests. Do you have
management liability insurance that is broad enough to reflect the range
of liabilities and exposures you face managing the wealth of others? Can
it protect you in case your client, family members or a regulatory
organization brings action against you?
Even though you have a strong relationship with your clients or family
members, you may find yourself in court defending claims of
misrepresentation or other wrongful acts on your part. This could be
disastrous to your business and could even result in the loss of personal
assets.
BWD understands management liability and the risks you face. We have designed
an insurance policy to meet the needs of a family office. Just as you are
able to provide the valuable, tailored asset management services your
clients need, we too are able to provide you with all the valuable
insurance coverages that a wealth management office requires. The
coverages are offered through our Wealth Managers Insurance Program, a
unique combination of property, general liability and management liability
coverages provided by our Wealth Management Policy.
The comprehensive management liability coverages address special
concerns you may have about the duties you perform including portfolio
management, financial management, tax planning, compliance activities and
administration:
WEALTH MANAGEMENT ADVISER POLICY
This policy can provide coverage for Professional, Directors &
Officers, Employment Practices, Fidelity and Fiduciary Liability. With a
broad definition of professional services and wrongful acts, the policy
provides coverage for the array of services wealth management firms
typically provide. This differs considerably from restrictive investment
advisors' or accountants Errors & Omissions policies often marketed
to wealth management offices.
EXTENDED PERSONAL COVERAGE
We add a special endorsement to the general liability section of our
policy to provide coverage for mental anguish, defamation or humiliation
alleged by a customer and arising out of libel, slander, violation of
privacy or discrimination in the course of doing business. This
dovetailing of coverage reduces the potential for uncovered gaps.
The definitions of professional services approximate those services
usually provided by a wealth manager including your pro bono
activities. The definition of a wrongful act includes vicarious liability
for the services of others with respect to Directors & Officers and
Professional Liability. Our policies also feature a broad definition of
claims that includes investigation or proceeding brought by a regulatory
organization or government body. With BWD's coverage, you also receive
full prior acts coverage for Directors and Officers, Professional
Liability, your choice of counsel and advancement of defense costs.
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