Why wouldn’t claims increase?
As advisors, we like to think that because we are doing our most deftly skilled work, informed by depth of experience and in fiduciary alignment with our beloved clients, that we can control the likelihood of claims. The rude truth? Claims are correlated to the market, not the quality of your counsel. When markets change, claims volume changes. Less corrective? Less claims. More corrective? Look out.
As you look at this chart, ask yourself this question—why wouldn’t claims uptick materially here, as they have in the past in equivalent conditions? Has human nature changed, and are you certain enough that you want to bet on that with client capital? Why wouldn’t the future look like the past?
We help advisors understand how their coverage will treat them in the event of a claim. Since we were advisors, and we only work with advisors, we can also get best-in-class terms for new coverage.
Written By: Chad Ramberg
Today’s BPI Advice: What is your plan in the event of a potential claim? Are you getting access to the best resources available? Knowing the cost/benefit basics for E&O coverage is more important now than it has been for a decade.
Case studies, testimonials and other information on the website are for illustrative purposes only, and may not reflect the terms of any particular insurance policies nor the coverage of any specific claims. Box Professional Insurance makes no representations of any kind regarding coverage or the specifics of any policy or claim. See your insurance carrier and policy for details on coverage, exclusions and limits.