The “must have” insurance for every benefits investment advisor
The Employee Retirement Income Security Act of 1974 (ERISA) requires investment advisors managing third party clients’ employee benefits plans to purchase specific limits of insurance for each plan they manage. The policy must cover employees of the advisor in the event they steal from any of the plans under management.
Berkley Crime offers an ISO based crime insurance product for investment advisors acting as fiduciaries. We tailor the product to meet your specific needs.
We offer limits above and beyond requirements
ERISA legislation requires limits for this coverage of:
- 10% of each plans assets, up to a maximum of $500,000 per plan, however, if an employee benefit plan holds employer securities, a limit of $1,000,000 is necessary.
We offer limits up to $25,000,000 based on your specific needs and underwriting criteria.
Coverage is written on the following basis:
- Quota share