E&O Briefing - January 2022

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Team Member Spotlight

Rachel Irwin

Rachel Irwin has been specializing in professional liability for almost 17 years and has set the bar high for The Uhl Agency’s Financial Institutions Team. Since returning to her hometown of Dayton after a stint in Boston, she joined The Uhl Agency six years ago and has been the main engine in our Financial Institutions department. Rachel has streamlined our new business and renewal processes and her outstanding organizational skills help to keep things running smoothly for us.

Respected by clients and insurance companies alike, Rachel continues to receive accolades from both. She’s also committed to continuing her insurance-based education and holds the Certified Insurance Service Representative designation. Rachel is also pursuing her Registered Professional Liability Underwriter designation, a rigorous program that entails completing 12 educational modules and passing corresponding exams for each module.

Married with a young daughter and two cats, Rachel starts her day at 4:00 AM – usually with one or two Peloton rides – then successfully navigates the challenges thrown at her each day. She has been instrumental with assisting The Uhl Agency write insurance for over 375 investment firms, and we anticipate she will assist us with writing coverage for many more.

Congratulations Rachel, as you a are key component to our financial institutions business!

As a new Schwab Affinity Partner, the last several months have been busy as RIAs are being notified and required to purchase $1,000,000 aggregate minimum amounts of coverage which need to include:

2. Theft by hacker
3. Theft by employee

4. Social engineering

This message was conveyed in our last E&O briefing. In speaking with Schwab, these requirements were intended to be in the advisor's best interest, and also due to the increase in overall claim volume and severity over the last several years. Many carriers have modified their policies in order to ensure that they abide by these new requirements.

Our team at The Uhl Agency stands ready to help you with any questions you may have once you receive your 90 day notice. We've helped many firms already and hope to help many more.

An employee of an RIA received an email that provided a pension plan’s authorization and direction for an “expeditious liquidation” of specified securities from their portfolio. This correspondence was mistakenly archived. The error was discovered two days later and was remediated four days later by executing the trade order.

Unfortunately, the stock market was falling in value on each of the trading days at issue, so the actual sales proceeds were less than if the trade had been executed on the correct date.

The trade error amount was approximately $875,000. This could be covered under cost of corrections.

Jon Kreusch
Executive Vice President / Principal
937.434.9090 Ext. 23

Email Jon

Agent
937.434.9090 Ext. 18

Email Joe

Rachel Irwin
Account Manager
937.434.9090 Ext. 19

Rachel Irwin

Please respond to this email or give us a call with the best time of year to follow up.

Thank you for the opportunity!