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Insurers have rub with advisers.
'Abuse' sends policy rider deductibles soaring
Widespread abuse is turning a godsend for some financial advisers into a devilishly expensive proposition for everyone else.
Battered by a rash of claims, insurance companies are hiking deductibles to eye-popping levels on policy riders sold to financial advisers to cover losses caused by mistakes.
The move could force many small and midsize financial advisories to drop their insurance coverage at a time when investor lawsuits are on the rise.
Chubb Group of Insurance Companies in Warren, N.J., is leading the pack, recently hiking the deductible on its standard cost-of-corrections rider to $500,000, from between $100,000 and $250,000 for most accounts, according to Evan Rosenberg, senior vice president in Chubb's department of financial institutions.
"We've had more than 50 of these claims, and we've paid dozens," says Mr. Rosenberg, describing a business where claims used to be large, but infrequent.
THROUGH THE ROOF
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Source: HighBeam Research, Insurers have rub with advisers.