E&O Insurance

As an XYPN member, you can access a members-only E&O (Errors and Omissions) insurance policy! Our policy is through Markel, administered by Starkweather and Shepley Insurance Brokerage Inc.

Group Program Term and Policy Documents

The policy documents for June 1, 2026 - May 31, 2027, are available below. The 2027 - 2028 policy documents will be available on June 1, 2027, once the policy renews.


2026-2027 Renewal and Pricing

There are three ($1 million limit per firm) plans available for the 2026-2027 time period based on your annual revenue:

  • Revenue below $250k: $163/month
  • Revenue $250k - 750k: $307/month
  • Revenue $750k - 2 million: $397/month

Tier 1: Revenue below $250k

  • Price: $163/month
  • Errors & Omissions (E&O): $1,000,000 limit
  • Trade Errors: $1,000,000 limit
  • Alternative Investments / Covered Calls / Put Options: $250,000 limit
  • Unregistered Securities / Pooled Investment Vehicles / Hedge Funds / ETNs: $250,000 limit
  • Cyber Liability: $250,000 limit
  • Social Engineering Fraud: $250,000 limit
  • Theft: $100,000 limit
  • Deductible: $10,000
  • The policy includes "prior acts coverage", providing protection for services dating back to the registration date of the firm, regardless of when your insurance effective date is
  • Coverage applies to the firm and all advisors
  • Meets professional insurance requirements set by Charles Schwab and Fidelity

Tier 2: Revenue between $250k and $750k

  • Price: $307/month
  • Errors & Omissions (E&O): $1,000,000 limit
  • Trade Errors: $1,000,000 limit
  • Alternative Investments / Covered Calls / Put Options: $250,000 limit
  • Unregistered Securities / Pooled Investment Vehicles / Hedge Funds / ETNs: $250,000 limit
  • Cyber Liability: $250,000 limit
  • Social Engineering Fraud: $250,000 limit
  • Theft: $100,000 limit
  • Deductible: $10,000
  • The policy includes "prior acts coverage", providing protection for services dating back to the registration date of the firm, regardless of when your insurance effective date is
  • Coverage applies to the firm and all advisors
  • Meets professional insurance requirements set by Charles Schwab and Fidelity

Tier 3: Revenue between $750k and $2M

  • Price: $397/month
  • Errors & Omissions (E&O): $1,000,000 limit
  • Trade Errors: $1,000,000 limit
  • Alternative Investments / Covered Calls / Put Options: $500,000 limit
  • Unregistered Securities / Pooled Investment Vehicles / Hedge Funds / ETNs: $500,000 limit
  • Cyber Liability: $250,000 limit
  • Social Engineering Fraud: $250,000 limit
  • Theft: $100,000 limit
  • Deductible: $10,000
  • The policy includes "prior acts coverage", providing protection for services dating back to the registration date of the firm, regardless of when your insurance effective date is
  • Coverage applies to the firm and all advisors
  • Meets professional insurance requirements set by Charles Schwab and Fidelity

Optional Coverage Add-Ons

  1. Divorce Financial Consulting Coverage

Extends coverage as a Certified Divorce Financial Analyst, or if you perform or plan on performing Expert Witness work, Divorce Mediation, or assisting in preparation of a Qualified Domestic Relations order.

Divorce Financial Consulting: $500,000/claim

  • Tier 1 $23/month
  • Tier 2 $23/month
  • Tier 3 $23/month
  1. Tax Preparation Coverage

Coverage for the preparation of Federal and State Tax Returns.

Tax Preparation Services: $500,000/claim

  • Tier 1 $23/month
  • Tier 2 $23/month
  • Tier 3 $23/month
  1. D&O/Management Liability Coverage

This optional endorsement protects directors, officers, managers, and business entities against exposures related to governance and management decisions. It includes defense and investigation costs in the event of a regulatory formal investigation.

Directors & Officers / Management Liability (D&O):

  • $500,000/claim | Tier 1 $23/month
  • $500,000/claim | Tier 2 $23/month
  • $1,000,000/claim | Tier 3 $46/month

No changes to optional coverages can be made during the term of the policies. If you complete Divorce Consulting and/or Tax Prep via a different LLC but have the same ownership as your planning business, we can add that coverage to your policy for the above fee, instead of writing a one-off policy.

Account Management

Sign Up for Coverage

  1. Log in to your Member Portal and navigate to the Member Benefits tab
  2. Click on the E&O Insurance benefit tile
  3. Complete the initial sign-up form by:
    • Providing your contact information
    • Confirming your firm’s revenue
    • Selecting any optional add-on coverage
  4. Click Submit to send your information to Starkweather and Shepley.
  5. After submission, Starkweather and Shepley will:
    • Review your information
    • Email you application credentials, including your user ID
    • Ask you to upload supporting documents through their portal
  6. Be prepared to upload:
    • A sample client contract for each professional service you offer
    • A current Certificate of Insurance (only if requesting prior acts coverage)

Important Notes for Signing Up

  • If you currently use another provider, you must wait for renewal to join our policy.
  • To have coverage begin on the first day of the following month, your application must be fully completed with Starkweather and Shepley by 11:59 PM ET on the 19th of the current month.
  • Applications completed on or after the 20th will begin coverage on the first day of the subsequent month.
  • You can begin the application process as soon as you receive your credentials.
  • Your policy is not active until the full application is completed and approved.
  • Once approved, your Member Portal will update to show your active E&O policy through your XYPN membership.
  • Unless you register your firm in the State of Oregon, your firm must be registered with your state before seeking coverage. However, you can begin working on the application as you prepare to launch your firm. For Oregon-based investment advisers, you can sign up for coverage upon starting the initial registration process.

Cancelling Coverage

  1. Log in to your Member Portal and navigate to the Member Benefits tab.
  2. Click on the E&O Insurance benefit tile.
  3. Access the cancellation feature and confirm your contact information.
  4. Click Close Account to submit your cancellation request to Starkweather and Shepley.

Important Notes for Cancellation

  • Starkweather and Shepley will review your request and contact you regarding the policy cancellation.
  • Your Member Portal will update at the end of the month once your coverage officially ends, showing that your E&O policy is no longer active through your XYPN membership.
  • To have coverage end effective on the first day of the following month, you must submit your cancellation request by 11:59 PM ET on the 19th of the current month.
  • Requests submitted on or after the 20th will result in coverage ending on the first day of the subsequent month.
  • There is a 90-day Extended Reporting Period during which you may still submit a claim after electing to leave the program.
  • Because this is a claims-made policy, once coverage ends, there is no coverage for new claims that arise afterward.


Billing

  • All billing and invoicing for your E&O Insurance Policy is handled directly through XYPN. You can pull any receipts and invoices for E&O through the Billing Tab of your member portal.

FAQs

Are there any upfront fees with this policy?

  • No! That’s one of the many advantages of this policy.

When do I need E&O insurance?

  • It depends on many factors, including whether or not you’re using a TAMP that requires a policy or the state in which you’re registered. Outside of that, once you offer advice on what someone should do with their investment or retirement accounts, you should acquire insurance.
  • E&O coverage will provide the costs of defense even for claims that may be unfounded and need an attorney to determine if there is a legal liability.

What policy is right for me?

  • Your policy will be determined by your gross projected revenue. Members anticipating under $250,000 will be on Tier 1, members anticipating $250,000-750,000 will be on Tier 2, and members anticipating $750,000-2M will be on Tier 3.
  • Members anticipating over $2M in revenue can work directly with Starkweather and Shepley for a custom quote.

Will I have prior acts coverage?

  • Both the regular and enhanced policies include "prior acts coverage" dating back to the registration date of your firm. This is coverage for any unknown prior act that could give rise to a "claim."

Are these policies compliant with Schwab and Fidelity?

  • All policies include the coverages required by both Schwab and Fidelity Investments.

Do all employees under my firm need to have their own E&O policy?

  • No. The coverage is for the firm and extends to employees, paraplanners, and independent contractors. There's no need for all employees to sign up for their own policy.

Is cryptocurrency covered under the policy?

  • Coverage for digital assets is excluded, including, but not limited to, Bitcoin, Litecoin, Ethereum, Ripple, Dash, Zcash, or Monero. However, this exclusion does not apply if the cryptocurrency is held within a registered vehicle as listed below:
    • 40 Act Mutual Fund
    • Publicly traded REIT
    • Publicly traded MLP (Master limited partnerships)
    • Publicly traded LP (Limited Partnerships)
    • Non-leveraged ETF
    • Non-inverse ETF
    • Agency-backed securities
    • FDIC-insured structured CD products
  • If it is NOT excluded, as it is contained in one of these products, it is still subject to the $100,000 Per Claim/$250,000 Aggregate sublimit as it is still considered an “alternative investment.”

I am above the policy limit. Can I still use the policy?

What happens if I want to cancel my policy?

  • There is a ninety (90) day Extended Reporting period for which you can submit a “claim” for up to 90 days after you elect to be removed from the program. Under “Claims made” policies, once you are removed, there is no coverage for a claim that may arise.

I'm signed up for the policy. Can I make changes now?

  • Coverage changes cannot be made mid-term. Requests for changes (adding or deleting optional coverages or changing limits) will be processed at the policy’s future renewal date.

Is life insurance coverage included?

  • Life insurance coverage is not included in either E&O policy, but a standalone policy is

    available through Starkweather and Shepley for interested members.

NAPA Policy Comparison

Feel free to view the policy comparison documents below:

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