FINANCIAL ADVISOR S GUIDE TO PRIOR ACTS COVERAGE FOR NEWLY HIRED FINANCIAL ADVISORS

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1 FINANCIAL ADVISOR S GUIDE TO PRIOR ACTS COVERAGE FOR NEWLY HIRED FINANCIAL ADVISORS LPL Financial Corporation Member NASD/SIPC INSURANCE CARRIER: CONTINENTAL CASUALTY COMPANY (CNA)

2 Frequently Asked Questions Prior Acts Professional Liability Coverage For Newly Hired Financial Advisors WHAT TYPE OF CLAIMS ARE COVERED? This policy provides Financial Advisors coverage for Wrongful Acts at their prior firms. WHO IS ELIGIBLE FOR THIS COVERAGE? Financial Advisors who joined LPL Financial after June 30, 2010 and previously maintained Errors and Omissions coverage automatically receive this coverage as part of the LPL Financial Errors & Omissions Insurance Program subject to the following Limits and Deductibles: LIMITS OF COVERAGE: OPTION I Limit: $2,000,000 Each Claim $50,000,000 in the Aggregate (New York domiciled Financial Advisors are not subject to the aggregate limit) OPTION 2 Limit: $1,000,000 Each Claim $1,000,000 in the Aggregate (New York domiciled Financial Advisors are not subject to the aggregate limit) Prior Acts Date: the date the newly contracted advisor became continuously insured without interruption under any security broker dealer professional liability policy (subject to written proof of such coverage at the time the insured gives written notice to the insurer of a claim under this policy) 1

3 DEDUCTIBLE: OPTION 1 Financial Advisors are required to pay a $100,000 deductible for each claim. The deducible applies toward the payment of defense costs and damages. OPTION 2 New Financial Advisors also have the option of purchasing a lower deductible option as follows: Financial Advisors are required to pay a $10,000 deductible for each claim with the exception claims arising out of the sale and administration of employee benefit plans, including individual retirement accounts, Keogh retirement plans, and group or ordinary person or profit sharing plans to which a deductible of $20,000 for each claim applies. The deductible applies toward the payment of defense costs and damages. This option is available only when an Advisor first joins LPL Financial and is subject to: Completion of an acceptable application submitted within 30 days of joining LPL Financial and No previous claim activity HOW IS COVERAGE OBTAINED? A new Financial Advisor who is interested in the lower deductible option ($10,000 / $20,000 as outlined above) must submit an application for approval within 30 days of joining LPL Financial. If the application is approved payment must be received by Barney & Barney, LLC before coverage can be bound. If the application is not approved, notice will be given to the Financial Advisor. No application is required at the $100,000 deductible level. WHAT IS COVERED? The policy provides coverage for claims relating to Wrongful Acts that took place at the Financial Advisor s previous firm. The policy provides coverage including defense for claims alleging an error or omission in rendering or failing to render a professional service as defined within the policy. 2

4 WHAT IS NOT COVERED? The policy contains a variety of exclusions to eliminate coverage for certain activities and events. The following is a brief summary of certain exclusions but it is not a complete listing. Please direct any specific inquiries regarding detailed policy language to LPL Financial s Legal Department. Prior Litigation Intentional/Criminal Acts Bodily Injury/Property Damage Contractual Liability/Promises/Guarantees Specified Services - actuary, accountant, attorney, property or casualty agent, real estate agent or third party administrator services Premium/claim/tax monies/fees and commissions Commingling/Illegal Profit Insolvency, however, defense cost coverage is provided subject to a limit of $250,000 per claim/$250,000 Aggregate per Insured/$1,000,000 Total Policy Aggregate. The claim must also arise from placement of coverage with an admitted Insurer with an A.M. Best rating of A- or better at the time of placement Employee Benefit Plans designed or sponsored by the insured or any entity owned or controlled by the insured or in which the insured is a participant or trustee Sale or servicing of any 1. coverage, alleged coverage or plan placed with any form of Multiple Employer Welfare Arrangement as defined by the Employee Retirement Income Security Act of 1974, as amended, or any employee benefits plan involving self funding in whole or in part, by any employer, union, or employment related entity; 2. products or services not approved by LPL Financial Corporation; 3. commodities, commodities futures contracts, or any type of option contract with the exception of covered call options and covered put options and with the exception of alternative investments approved by the Insured Broker/Dealer and for which the Registered Representative is approved to sell; 4. promissory notes; 5. ETS pay phone investments or other similar type investments 6. viatical settlements, viatical insurance benefits, viatical investment pools or any security backed by viatical settlements, viatical products including viatical settlement and viatical contracts; provided,however, this exclusion shall not apply to the purchase or sale of Life Settlement Contracts; 7. Stranger Originated Life Insurance (STOLI) or Speculator Initiated Life Insurance (SPINLIFE) ; Discretionary Authority the exercise of discretionary authority with regard to the management or disposition of assets; however, this exclusion shall not apply to the activities of the Insured when approved for such by LPL Financial Corporation Anti-trust Non-public Information Unlicensed Entity Investment Banking Activities Securities below Minimum Capitalization Levels Trading outside of the USA 3

5 CLAIMS MADE COVERAGE Coverage is provided on a claims made and reported basis that covers claims first made and reported during the policy period. WHO IS INSURED? Financial Advisors for the acts while at their previous firms. WHAT TO DO IN THE EVENT OF A CLAIM? The Claims Made provisions of the policy make it critical to report claims on a timely basis. Please observe the following procedures: 1. As soon as you are aware of any circumstances that may lead to a claim, immediately notify the LPL Financial s Legal Department. Ashley Commito: (800) extension If a summons and complaint have been issued, send both along with your cover letter, providing as much detail as possible to: LPL Financial Corporation, Ashley Commito, at the Boston home office address. Also, please be sure to provide copies of all customer account documents relating to the allegations. Remember, in litigated or arbitrated matters, there is a predetermined response time. Therefore, please telephone the Legal Department within 24 hours of being served with a lawsuit or arbitration claim. 3. In every case, once the situation has been identified as a professional liability claim, great care should be exercised to avoid any disclosures or discussion of any facts or information related to the claim with anyone other than LPL Financial. 4

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