Lockton Affinity is the affinity program management division of Lockton Companies, and its RIA liability program provides U.S. investment adviser firms with commercial insurance solutions.
The partnership with specialist insurer Beazley Syndicates enables RIA firms to purchase coverage through the program, such as cyber liability and network security protection; Employee Retirement Income Security Act (ERISA) fiduciary coverage with the ability to supplement group/master broker/dealer (B/D) policies; deductible credit incentives for use of engagement letters and/or alternative dispute resolution; and coverage of employee benefit consulting, tax and bookkeeping, and third-party administrator (TPA) services on one policy. Additionally, the program includes practical risk management resources aimed at helping investment advisers understand their exposures, in order to protect them from potential legal implications.
“Lockton Affinity’s new alliance with Beazley Syndicates at Lloyd’s of London will provide RIA firms nationwide with the industry’s premium professional liability solution,” says Joe Ziegler, chief operating officer (COO), Lockton Affinity. “This partnership will not only strengthen the strong trading relationship we currently enjoy with Beazley, but most importantly, it will provide today’s RIA professional a superior insurance product that has the flexibility needed to fill many of the coverage gaps that currently exist.”