SOURCE: RIA In A Box

RIA In A Box

October 18, 2010 06:00 ET

RIA In A Box Partners With Lloyds of London and North American Professional Liability Insurance Agency (NAPLIA) to Provide the First-Ever Group E&O Insurance Program for RIAs

NEW YORK, NY--(Marketwire - October 18, 2010) - RIA In A Box (www.RIAinaBox.com), a consulting business aimed exclusively at efficient creation of registered investment advisory firms, today announces that it is partnering with certain syndicates of Lloyds of London and the North American Professional Liability Insurance Agency (NAPLIA) to provide the only compliance consultant discounted E&O insurance program. The program is available only to active clients of RIA In A Box and premiums start as low as $1250, about half the cost of similar policies. 

This value-add service from RIA In A Box is available exclusively through NAPLIA and is recommended for all RIAs, starting at time of first registration. E&O insurance protects companies and individuals against claims made by clients for inadequate work or negligent actions and often covers both court costs and settlements up to the amount specified on the insurance contract. Currently, most new RIAs defer purchasing E&O insurance because of the price. However, when they do finally purchase the insurance in years two or three or five, all of their previous actions are not covered under the purchased policy. This exclusive partnership finally allows RIAs just starting out to be covered, beginning on day one.

According to Zachary Gronich, CEO, RIA In A Box, "This is an outstanding offer for our clients. It is very affordable so this first class insurance can be purchased from the time of first registration, which is really the way to go."

"We were able to put this together because of the excellent reputation of RIA In A Box," explained Tom Schrandt, Vice President, NAPLIA. "With RIA In A Box's thorough and consistently precise registration and renewal practices, our underwriters are very comfortable offering this very important insurance at a deep discount. It's a testament to the firm's excellent work on behalf of their clients."

Errors and omissions insurance is not required although it is strongly recommended for all RIAs. "This insurance can really be very important if there is ever a problem which crops up, because without it an RIA could really be put out of business," said Schrandt.

About RIA In A Box and Lexington Compliance

RIA In A Box is a consulting business aimed at registration and ongoing compliance for registered investment advisory firms at both the state and SEC levels. Since its founding by Zachary Gronich, PFS, in 2005, RIA IN A BOX has helped over 900 advisory firms get registered quickly and correctly the first time. For more information, visit www.riainabox.comLexington Compliance is the compliance and oversight arm of RIA In A Box, providing advice and guidance to established RIAs registered in all 50 states, Washington, D.C., and with the SEC. For more information, visit http://lexcompliance.com.

Contact Information

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