The Coyle Group
The Coyle Group: “The Coyle Group is an independent commercial insurance brokerage founded in 1929. Based in New York and serving businesses across the United States, the firm helps companies evaluate risk, secure coverage, and manage commercial insurance programs, including general liability, cyber, D&O, and industry-specific policies.”
Do all financial firms need a fidelity bond?
“Not all. Broker-dealers must carry a fidelity bond under FINRA Rule 4360, while RIAs and PE/VC firms often choose bonds voluntarily.Even if not required, many investors and counterparties expect proof of coverage. A fidelity bond is often seen as a baseline safeguard against internal fraud.”
View in the company profileWhat’s the difference between D&O and E&O coverage?
“E&O protects the firm for professional mistakes; D&O protects leaders for management decisions.A client suing over bad advice is E&O. Investors alleging mismanagement is D&O. Most financial firms need both because exposures overlap but policies respond differently.”
View in the company profileDoes cyber insurance cover wire-transfer or social engineering fraud?
“Usually not without an endorsement. Many base policies exclude these losses.To be protected, firms need a social engineering or funds-transfer fraud rider, sometimes attached to crime, sometimes to cyber. Without it, coverage gaps are common.”
View in the company profileHow do regulators like the SEC or FINRA affect insurance costs?
“More oversight often equals higher premiums.Firms subject to SEC/FINRA examinations or those with past disciplinary actions may face higher D&O and E&O premiums, as insurers view them as higher-risk.”
View in the company profileWhat’s the biggest coverage gap financial firms overlook?
“Social engineering fraud.Many firms believe cyber automatically covers it—but most policies exclude wire-transfer fraud unless specifically endorsed. This is the most frequent and costly surprise.”
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