NAPA Premier Errors & Omissions Insurance Program

Program Eligibility

• This E&O insurance is specifically designed for:
  • RIA Firms with Multiple advisors with total firm annual revenues of $2 Million or less. Coverage extends to employed IARs and/or independent contractors, but only while acting on behalf of the covered Firm
  • RIA Firms that had prior calendar year gross revenues greater than $2,000,000 submit a custom quote
• Investment Advisor E&O Coverage Options:
  RIA PLUS: Provides coverage for a named insured for acts as a fee based "financial planner", "registered investment adviser" and "associated person" providing non-discretionary investment advisory services, including the use of sub-advisors.
  • Discretionary investment advisory services coverage only provided for the purchase or sale of mutual funds, publicly traded stocks, publicly traded bonds and publicly traded REITS (on an exchange); covered calls, protective puts, and regular Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs);
  • Limited leveraged or inverse ETFs or ETNs coverage, as provided by the Leveraged and Inverse Securities Endorsement.
  • Also includes coverage for acts as a "life insurance agent" selling fixed life, accident, health, long term care, disability, Medicare Advantage and Medicare Supplement plans, and fixed & indexed annuities.
  • RIA CHOICE: includes RIA PLUS coverage as well as coverage for sale and servicing of Mutual Funds & Variable Products
  • RIA PREMIUM: includes RIA CHOICE coverage as well as acts as a Series 7 "registered representative" selling publicly traded stocks, bonds and REITS, "covered calls", protective puts, and Exchange traded funds and notes (ETFs & ETNs, other than inverse and leveraged such securities) –
  • Please Note: Total commission income for the prior calendar year from the sale of covered series 7 products cannot exceed 25% of total commission income for the prior calendar year.
• A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

• $1 Million per claim / $1 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate
• $2 Million per claim / $2 Million annual aggregate

Pricing Information

Use the Rate Calculator to see additional coverage and pricing options.

Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

• Prices include $60.00 NAPA Membership dues and applicable fees, taxes and doc stamps. Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Program Features

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Policy Exclusions

• RIA Exclusions
  
  Disclaimer: The following is a list of exclusions for E&O coverage of Investment Advisory Services. For a complete list of coverage limitations and exclusions, please refer to the Master Policy.
  • Derivatives
  • Callable, Step-up or step-down Certificates of Deposit (CDs)
  • CDOs (collateralized debt obligations)
  • Private Equity Investments , Private Placements
  • Structured settlements
  • Structured Notes
  • Securities not registered with SEC (other than Federal, State, or Municipal securities)
  • Limited Partnerships (LPs) and REITS that are NOT publicly registered
  • Arbitrage
  • Short Sales (except short against the box)
  • Commodities, Commodities future contracts
  • Any Options or Futures (other than covered calls
  • Hedge Funds
  • Viatical investments
  • Promissory Notes
  • Proprietary products
  • Day trading investment strategies

Underwriter

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.

• This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.

Disclosures

All policy documents are delivered in electronic format by default.

You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.

• All policy related documents and communications are delivered in electronic format where allowable by law.
• By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. §3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.

Program Eligibility

• This E&O insurance is specifically for Registered Representatives with a Series 7 for those individuals working in wire houses or those leaving such broker/dealers needing prior acts as they transition to a RIA business model.
  
  E&O Coverage Available For:
  • Sale and servicing of publicly traded stocks, bonds, REITS
  • Covered calls, protective puts,
  • Exchange traded funds and notes (ETFs & ETNs, other than inverse and leveraged such securities)
• A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

• $1 Million per claim / $1 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate
• $2 Million per claim / $2 Million annual aggregate

Pricing Information

Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

• Prices include $60.00 NAPA Membership dues and applicable fees, taxes and doc stamps. Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Program Features

• Please Note: Policy retention decreases are not reflected on the certificate of insurance. Eligibility for a retention decrease is determined and applied at the time of claim.
• $5,000 for covered series 7 securities. This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $5,000, Year 2: $4,500, Year 3: $3,000, Year 4: $2,000, Year 5 and beyond: $1,000.

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Underwriter

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.

• This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.

Disclosures

All policy documents are delivered in electronic format by default.

You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.

• All policy related documents and communications are delivered in electronic format where allowable by law.
• By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. §3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.

Program Eligibility

• This E&O insurance is specifically for licensed Life and/or Health insurance agents with a Series 7
  • Life & Health products
  • Fixed and Indexed annuities
  • Series 6: Mutual Funds & Variable Products Only
  • Series 7: publicly traded stocks, bonds and REITS, "covered calls", protective puts, and Exchange traded funds and notes (ETFs & ETNs, other than inverse and leveraged such securities) – Commission from Series 7 activity must be less than 25% of total commission income
• A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

• $1 Million per claim / $1 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate
• $2 Million per claim / $2 Million annual aggregate

Pricing Information

Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

• Prices include $60.00 NAPA Membership dues and applicable fees, taxes and doc stamps. Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Program Features

• Please Note: Policy retention decreases are not reflected on the certificate of insurance. Eligibility for a retention decrease is determined and applied at the time of claim.
• $1,000 for claims arising from fixed life, health, accident and disability insurance and fixed & indexed annuities. This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $1,000, Year 2: $800, Year 3: $600, Year 4: $400, Year 5 and beyond: $200.
• $5,000 for all other covered claims (e.g. variable products, mutual funds, Series 6 & 7) This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $5,000, Year 2: $4,500, Year 3: $3,000, Year 4: $2,000, Year 5 and beyond: $1,000.

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Underwriter

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.

• This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.

Disclosures

All policy documents are delivered in electronic format by default.

You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.

• All policy related documents and communications are delivered in electronic format where allowable by law.
• By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. §3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.

Program Eligibility

• This E&O insurance is specifically for licensed Life and/or Health insurance agents with a Series 6
  • Life & Health products
  • Fixed and Indexed annuities
  • Series 6 (e.g. Mutual Funds & Variable Products)
• A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

• $1 Million per claim / $1 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate
• $2 Million per claim / $2 Million annual aggregate

Pricing Information

Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

• Prices include $60.00 NAPA Membership dues and applicable fees, taxes and doc stamps. Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Program Features

• Please Note: Policy retention decreases are not reflected on the certificate of insurance. Eligibility for a retention decrease is determined and applied at the time of claim.
• $1,000 for claims arising from fixed life, health, accident and disability insurance and fixed & indexed annuities. This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $1,000, Year 2: $800, Year 3: $600, Year 4: $400, Year 5 and beyond: $200.
• $5,000 for all other covered claims (e.g. variable products, mutual funds, Series 6 & 7) This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $5,000, Year 2: $4,500, Year 3: $3,000, Year 4: $2,000, Year 5 and beyond: $1,000.

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Underwriter

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.

• This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.

Disclosures

All policy documents are delivered in electronic format by default.

You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.

• All policy related documents and communications are delivered in electronic format where allowable by law.
• By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. §3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.

Program Eligibility

• This E&O insurance is specifically for licensed Life and/or Health insurance agents
  • Life & Health products
  • Fixed and Indexed annuities
• A valid license/registration in all jurisdictions in which applicant will act as an Agent and/or as a Registered Representative is required to be eligible for this program.

• $1 Million per claim / $1 Million annual aggregate
• $1 Million per claim / $3 Million annual aggregate
• $2 Million per claim / $2 Million annual aggregate

Pricing Information

Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

• Prices include $60.00 NAPA Membership dues and applicable fees, taxes and doc stamps. Down payment refers to monthly payment option. Your down payment includes one month's premium, NAPA dues, administrative fees and a $5.00 monthly processing fee. Down payments will be processed immediately; monthly deductions as shown above will begin the first of the month after enrollment effective date.

Program Features

• Please Note: Policy retention decreases are not reflected on the certificate of insurance. Eligibility for a retention decrease is determined and applied at the time of claim.
• $1,000 for claims arising from fixed life, health, accident and disability insurance and fixed & indexed annuities. This retention reduces based on continuous participation in the program according to the following schedule: Year 1: $1,000, Year 2: $800, Year 3: $600, Year 4: $400, Year 5 and beyond: $200.

Payment Options

• Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the first of each month.

Underwriter

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.

• This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.

Disclosures

All policy documents are delivered in electronic format by default.

You can manage your renewal notice delivery options by visiting "My Account" menu option at the top of the page. Refer to the policy form by clicking on the Policy button at the top of the page for more details on covered professional services and exclusions. A.M. Best rating and other disclosures.

• All policy related documents and communications are delivered in electronic format where allowable by law.
• By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. §3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
• For complete details on covered professional services and exclusions, please refer to the policy form.

Program Administrator

This E&O Insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.

Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.