Great Valley Advisor Group Partners with Axis for E&O Insurance
We are pleased to announce that GVA has partnered with Axis for E&O Insurance, effective October 6th, 2024. Axis is considered one of the most comprehensive E&O Insurance providers for financial professionals.
| Policy Limit of Insurance | |||
|---|---|---|---|
| Policy Limit (applicable to all Coverage Parts unless otherwise noted) | $2,000,000 Aggregate | ||
| Investment Advisor Professional Liability Coverage Part | Pending or Prior Claim Date | Coverage Part Limit of Insurance | Coverage Part Retention |
| 10/06/2024 | $2,000,000 Aggregate | $40,000 Each Claim | |
To obtain a copy of the E&O Policy, please reach out to Frank Tranzilli (ftranzilli@locktonaffinity.com).
What this means for “RIA Only” Advisors:
- Can be covered under the policy so long as they are performing services on behalf of Great Valley Advisor Group (GVA).
- Advisors are eligible for coverage of up to $2,000,000 individually and $2,000,000 in aggregate.
- Please note that claims are subject to an aggregate limit of $2,000,000
- For instance, if Advisor A and Advisor B each make a $1,000,000 claim, any further claims would not be covered as the $2,000,000 aggregate limit has been reached.
- Please note that claims are subject to an aggregate limit of $2,000,000
- If Great Valley Advisor Group (GVA) is named in a complaint, GVA will cover 50% of the $40,000 retention amount (with the IAR responsible for $20,000).
- Great Valley Advisor Group Insurance Brokers (GVAIB) – This policy includes coverage for IARs involved in the insurance business through GVAIB.
Please note that Hybrid RIA IARs are not covered under this policy and will remain under LPL’s current E&O Insurance. Additionally, while exceeding the aggregate liability limit is not anticipated, GVA has the option to increase the limit mid-term if necessary.
Advisors can also purchase individual E&O coverage in addition to this policy for added protection.
