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COPYRIGHT 2001 Crain Communications, Inc.
'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...
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