Financial Advisors Legal Association, Inc. Announces the Availability of Affordable and Comprehensive Errors and Omissions Insurance for Financial Professionals.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Financial Advisors Legal Association (www.falegal.com), a national industry defense and education provider for financial professionals, announced the rollout of Financial Advisors Assurance Select - a comprehensive Errors and Omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. insurance policy designed specifically for individual Financial Professionals, Broker Dealer and RIA (Rich Internet Application) A Web-based application that approaches the speed and elegance of a local application. An RIA may refer to a browser-based application that uses AJAX or another enhanced coding technique. firms. Jerry L. Reiter, Chairman of FAAS FAAS Federation of American Aquarium Societies FAAS Flame Atomic Absorption Spectroscopy FAAS Foreign Affairs Administrative Support FAAS Front Arabo-Africain de Salut (Arabic-African Salvation Front) , stated: "This policy is not only affordable but comprehensive. With claims made and prior acts coverage prior acts coverage Nose coverage, see there , all aspects of the financial professional's practice, including the products and services that are paramount to a successful practice are covered - even identity theft." This type of insurance is unique to the industry. It is designed for the individual Financial Professional and is completely portable, even into retirement. The coverage protects against arbitrated claims from their individual clients and heirs. This policy is also unique in that it covers all the products and services represented by Financial Professionals. Financial Advisors Assurance Select does not dictate how to run a Broker Dealer or RIA firm, and does not restrict the registered representative and/or investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and the opportunity to provide his clients with the current market's services, investments and products. As a Risk Retention Group - Financial Advisors Assurance Select covers arbitrated claims initiated by individual clients at $1 million per claim - $2 million in the aggregate. Additional policy benefits include risk management and loss control programs, which are the hallmark of Risk Retention Groups (RRGs) Robin S. Mills, President, stated: "We've come full circle in delivering critical protection for our members by providing indemnification. Every financial professional who truly wants protection for all aspects of their practice should make application for this comprehensive coverage." Fees are $2,345 for the first year and $1,845 per year thereafter. Deductibles are two tiered - $2,500 for defense and $10,000 in the event of settlement. Reserves are insured by Lloyds of London Lloyds of London A marketplace in London for underwriting syndicates. syndicates all "A" rated. Broker Dealer and Registered Investment Advisory firms are co-insured under the individuals licensed under the firm; therefore they pay no premium. Firms are required to pay a one-time fee of $100 per insured rep to gain the co-insurance benefit. About Financial Advisors Legal Association Financial Advisors Legal Association began in 1989 as a continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). provider for financial professionals, and incorporated as a national professional association in 1999, delivering risk mitigation tools, document templates, education and defense exclusively for Financial Professionals. Financial Advisors Legal Association's mission is to provide resources that increase the potential of prevailing in a claim. Members receive exclusive benefits that are unparalleled in the industry, and these extensive benefits have allowed its members to build successful practices apart from the fear of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . For more information about Financial Advisors Assurance Select, visit www.falegal.com. Contact: Robin S. Mills, 800-261-0633. |
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