Obtaining Comprehensive Coverages
As a result of long-term relationships established between Brokers and a number of highly-rated insurance partners, Brokers is able to assist ICI Mutual’s insureds in obtaining a range of insurance products.
ERISA FIDELITY BONDS
An ERISA Bond is a type of fidelity bond. Section 412 of ERISA requires fiduciaries of an employee benefit plan and every person who handles funds or other property of such a plan to be “bonded” against fraud or dishonesty.
INVESTMENT ADVISER INSURANCE PRODUCTS (NON-MUTUAL FUND)
Investment Adviser ERISA Bond— Investment advisers to ERISA plans are typically required to be bonded under Section 412. This product is tailored specifically to investment advisers to provide such protection.
Professional Liability (including Errors & Omissions, Directors & Officers, Employment Practices Liability)— This product generally protects against financial losses from lawsuits filed against investment advisers by their clients, such as lawsuits alleging negligence, misrepresentation, violation of good faith and fair dealing, or inaccurate advice.
FIDELITY/FINANCIAL INSTITUTION BONDS
These bonds insure financial institutions against employee dishonesty, burglary, robbery, forgery, and similar crime exposures.
LOST INSTRUMENT BONDS
These bonds protect transfer agents from the liability that would arise in the event lost securities, such as certificates for stocks or bonds or other negotiable instruments, were to re-appear and be negotiated.
OTHER SPECIALIZED COVERAGE
Mail Insurance— The product provides coverage to entities that handle securities when shipped via First Class or Registered Mail and overnight couriers.
STAMP/SEMP Bonds— STAMP and SEMP bonds are signature guarantee bonds that protect an investor, an issuer of securities, or a transfer agent against fraud. A STAMP bond is used by all signature guarantors. A SEMP bond is used by members of a particular stock exchange.
Securities Dealer Blanket Bonds—This is a type of fidelity bond specifically tailored to protect a firm from dishonest and fraudulent acts by broker-dealers/registered outside representatives.
Miscellaneous Surety Bonds (i.e. Notary, License, etc.)
For more information, please contact us at brokersdept@icimutual.com.