NU Online News Service, Nov. 17, 8:51 am EST

CHICAGO--Bernard Madoff could not be convinced to buyprofessional liability insurance for his investment services, butlegal requirements did force him to purchase a fidelity bond, aspecialty broker revealed at an industry conference.

Christopher Cavallaro, managing director for ARC Excess andSurplus, a Garden City, N.Y.-based wholesale broker, said thatalthough he pushed for a professional liability insurance sale"each and every year," Mr. Madoff only wanted a financialinstitution bond.

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