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.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.