The Financial Institutions practice group is committed to working with established firms, start-ups, and breakaways within the financial community to identify their specific insurance needs and assist with risk solutions. We use our well-established market relationships to secure options for coverage that mitigates the risk of operating as a business.
The Financial Institutions Practice Group of Starkweather & Shepley Insurance Brokerage, Inc. provides “hands-on” service to ensure high quality and competitively priced coverage options to address your firm’s individual risk management needs.
Dedicated to growth and knowledge of the industry and current trends, our nationally renowned personnel offer independent, tailored and unbiased insurance advice to give our clients peace of mind.
Our Practice Group focuses on the following sectors:
- Investment Advisers
- Private Equity
- Hedge Funds
- Private Funds
- Securities Broker – Dealers
- Mutual Fund Groups
Explore our Insurance Products:
Errors & Omissions Liability Insurance
Also known as Professional Liability Insurance – protects an entity and its employees against claims made for any actual or alleged negligent act, error or omission, committed in the scope of performing professional services. Coverage includes legal defense costs.
Directors & Officers Liability Insurance
Insurance that protects Directors and Officers, as well as the entity, for allegations of breaches of duty, errors of judgment, failure to supervise, and other wrongful acts. Coverage extends to damages as well as defense costs.
Covers insureds for losses incurred from fraudulent and criminal acts by both employees and outside individuals – including loss of funds due to employee theft, breach of your internal systems and fraudulent funds transfers. Policies can be endorsed to add coverage for social engineering scams - since the cause of loss is fraud. A loss would be claimed on your crime policy, provided you added the extension, rather than your cyber policy.
Employment Practices Liability Insurance
Coverage for claims made by employees, former employees, or potential employees regarding discrimination, wrongful termination, sexual harassment, equal pay laws, religion, and other employment-related allegations. This policy can also include coverage for discrimination or harassment from clients or other third parties.
Coverage in the event of a data breach of “personally identifiable information” and protects businesses from internet-related risks. Coverage includes notification costs, credit monitoring, public relations expenses and cyber extortion (protection against the damage made by ransomware attacks). The coverage will defend the firm and pay damages if a claim is brought for harm to others as a result of a computer-related wrongful act.
Protects employee benefit plans against loss by acts of fraud or dishonesty. For any fiduciary that manages a pension, profit sharing, or thrift plan or “handles” the assets of such a plan – you are required to obtain this bond under section 412(a) of the federal Employee Retirement Income Security Act of 1974.
Coverage for anyone acting as a fiduciary of an insured’s in-house ERISA plan - Protects firms and employers assets against fiduciary related claims as a result of the mismanagement of the employee benefit plans.
A product tailored specifically for the CCO - Protects the personal assets of the CCO against potential litigation and the expenses associated with a regulatory investigation. Coverage is separate from the firm’s insurance and drops down when the firm can’t or won’t indemnify.
Articles and Publications
- Claims Scenarios by Jessica Thayer
- COVID-19 Impact- by Jessica Thayer
- Mitigating Cybersecurity Risk Via Insurance – by Paul J. Smith
- Cyber Risk Keeping Client Information Safe – by Andrew J. Fotopulos & David R. Jacavone
- Due Diligence and the Risk Management Process – by Andrew J. Fotopulos
- Four Potential Holes in Your E&O Coverage– by Andrew J. Fotopulos
- Protecting Your Assets. Twelve factors for RIAs to consider when purchasing E&O insurance – featuring Andrew J. Fotopulos
- Risk Management Tip for Financial Advisors – by Andrew J. Fotopulos
- The Misnomer About Cyber – by Andrew J. Fotopulos & E.J. Yerzak
- The Insurance Weave, Coordinating Coverage and Procedures – by Andrew J. Fotopulos