FPA, CalSurance Partner to Offer RIAs Discounted E&O Insurance

FPA members can instantly access low minimum premiums and retentions via online application process

FPA CEO Lauren Schadle. FPA CEO Lauren Schadle.

The Financial Planning Association announced Tuesday that it has partnered with CalSurance to offer FPA members access to stable, low-premium, A-rated errors and omissions (E&O) insurance.

The partnership agreement between FPA and CalSurance, which is offered through Brown & Brown Program Insurance Services, Inc., doing business as CalSurance Associates, will provide life agents and RIAs with exclusive access to E&O insurance through their FPA membership, including what FPA says includes special plans and discounted pricing not available to other advisors.

“FPA members seeking E&O coverage will save hundreds — potentially thousands — through this new partnership,” FPA says.

FPA Executive Director and CEO Lauren Schadle said in a statement that E&O insurance “has always been viewed as too expensive by many in the financial planning profession. This program will give our members an opportunity to protect themselves and their businesses.”

Joshua Wels, vice president of marketingand operations at Brown & Brown Program Insurance Services, added in the statement that “while there are a variety of carriers providing professional liability insurance for large firms (over $500M in AUM), there are few affordable options including the features the growing advisor is looking for.”

FPA member firms, he said, will have “instant access to low minimum premiums and retentions via our simple online application process.”

RIAs and life insurance agents will be offered a competitive E&O insurance program that includes:

RIA Program:

  • Premiums as low as $1,250
  • Individual firm limits
  • Multiple limit options
  • Life Insurance Agent coverage at no additional costs
  • Flexible payment options
  • Standard $5,000 deductible
  • Coverage for Prior Acts as a Registered Representative available

Life Agent Only Program:

  • Premiums as low as $450
  • Individual limits, no sharing limits with other agents
  • Multiple limit options
  • Flexible coverage and payment options
  • Deductible as low as $500 per claim

 ---

Check out FPA Plans Launch of ‘Knowledge Circles’ on ThinkAdvisor.

Reprints Discuss this story
This is where the comments go.

Related

What Advisors Need to Know Before Going Independent

A webinar hosted by AdvisorOne presented guidance on how advisors can decide whether to break away—and if so, some of...