Expertise in protecting investment advisors

  • Affinity partners
    When looking for professional liability insurance, ask your colleagues about their insurers.  Markel has built its reputation over twenty years of meeting its clients' needs.  
     
    Markel is proud to partner with the following organizations:
     

    Financial Planning Association (FPA)

    NAPFA

    TD Ameritrade/Waterhouse

    Fidelity Investments

    Buckingham Asset Management (BAM)

    FI360

    Garrett Planning Network

    National Compliance Services (NCS)

    Pershing

    Shareholder Services Group

    XY Planning Network
  • Philosophy
    Markel’s investment advisors product philosophy is a simple one. 

    Insurance is a good faith contract. If you are straightforward, honest, and upfront in how you represent yourself and your practice to us...and if we agree to underwrite you as a risk, then we have a duty to protect you as outlined in our policy.

    We believe service is an important aspect of our coverage. If you have a question, we owe you an answer ... and not just a quick one...but a thorough one. 

    We will do our best to process your initial application and renewal application within three weeks. 

    Within 48 hours of the request to issue coverage by your insurance broker, we will issue your policy. 

    All claims are reported directly to Markel by the policyholder. We use independent law firms and we appoint the defense counsel from our office. 

    We provide a newsletter to our policyholders that highlights loss prevention recommendations. Additional loss prevention recommendations are available by calling 800-691-1515.

    * Markel can write coverage for any broker that has surplus lines license.

  • History
    In 1986, the Institute of Certified Financial Planners ("ICFP") endorsed an E&O Program offered through the Fireman's Fund. In 1988, Fireman's Fund withdrew abruptly. Fireman's Fund was the third large national carrier to withdraw from this line of business after having been endorsed by the ICFP. 

    As a consequence of the abrupt withdrawal of Fireman's Fund, the ICFP formed a captive insurance company, hoping to avoid what had happened with each of the three previously endorsed carriers. As a result, Financial Services Mutual Insurance Company ("FSM") was formed in Vermont and began writing coverage for ICFP members in 1989. In 1992, Mr. Bayard "Bud" Bigelow became President of FSM after running similar E&O programs for Orion Corporation.

    In 1995 both Mr. Bigelow and the FSM Board of Directors concurred in the decision to move the program to a large national carrier, one chosen based on the objective needs of the market, the prospects, and the policyholders. 

    Since then, the program has continued to provide uninterrupted coverage to members of several financial associations as well as unaffiliated financial planners and other financial professionals.

    In June of 2007, The Cambridge Alliance was acquired by Markel Corporation, a marketer and underwriter of specialty insurance programs. As part of Markel Corporation, the investment advisors product benefits from a strong financial position. Click here for more information. With such high marks, you can be confident in our financial stability and our ability to meet our obligations to our policyholders. Markel prides itself on being managed for the long term.

    Founding members

    Bud


    Bayard "Bud" Bigelow, III

    Bud served as President and Chief Executive Officer of Markel Cambridge Alliance from our inception until 2012. He now serves as Chairman Emeritus. Bud is the author of several articles on professional liability insurance and loss prevention. Bud is also a frequent speaker at financial industry events.

     
    Nancy
    Nancy B. Bigelow

    Nancy served as Consulting Underwriter for Markel Cambridge Alliance. Nancy has more than 20 years of experience as an underwriter, and was responsible for all underwriting at Markel Cambridge Alliance until 2010.


    Tony
    C. Anthony "Tony" Bougere

    Tony served as Senior Vice President of Markel Cambridge Alliance for 10 years. Tony attended many RIA-related tradeshows and conferences throughout the years in order to stay in tune with the needs of our clients. 

     

    Milt
    Milt Beard

    Milt served as Senior Underwriter for Markel Cambridge Alliance until 2014. Milt's strong financial background made him one of our most knowledgeable underwriters. Prior to joining Markel Cambridge Alliance, he held positions in investment banking, corporate lending, and mutual fund oversight.

  • Compliance consultants

    Compliance consultants can help firms with their registration, ADVs, and other compliance needs, whether the firm is a start-up, breaking away from a broker-dealer, or preparing for their annual review.

    View a list of compliance consultants.

     Markel investment advisors compliance consultants