Education is your best defense in guarding against professional liability claims. Sign up for our Email Newsletter and receive Alerts, Articles, and White Papers on protecting and managing your practice.
McGowanPRO is a national agency that
specializes in procuring Professional Liability
Insurance. On average, each of our executives and
producers have over 15 years of experience in the
professional liability industry.
Contact us and you will speak directly with someone who is experienced in professional liability and will work with you to obtain the best options for your business.
McGowanPRO Launches Deductible Reimbursement Insurance Program for Individual Registered Reps and Advisors
Affordable program provides deductible coverage, significantly lowering Reps' and Advisors' exposure
Framingham, Mass. (March 16, 2015)
McGowanPRO 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 McGowanPRO. "Reps are happy to absorb the minimal cost in order to secure this extra protection."
The DRIP program is administered nationally by McGowanPRO and is underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover").
"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 McGowanPRO 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
McGowanPRO 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, McGowanPRO is a leading provider of professional liability insurance. McGowanPRO 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.mcgowanprofessional.com for more information.