Prior Coverage & Claims History
Section A — General Information (Questions 1–4)
Q1. Has any insurer declined, cancelled, or non-renewed any Investment Adviser Professional Liability Insurance on behalf of any applicant? (Not applicable in Missouri)
Q2. Has any Professional Liability (E&O) claim, complaint, or proceeding been made against you or any predecessor organization?
Q3. Is any applicant aware of any fact, error, omission, or circumstance that may provide grounds for a claim under the proposed insurance?
Q4. Have you or any directors, officers, employees, predecessors, subsidiaries, or affiliates been involved in any pending or completed governmental, regulatory, investigative, or administrative proceedings?
Note
If you answered Yes to any of the above, please attach a separate sheet with details. These answers do not automatically disqualify coverage.
Q5. Is any advisory customer an investment company, REIT, limited partnership, collective investment trust, or other pooled investment vehicle?
Q5b. If No — do you agree to notify Markel within 30 days if you begin rendering advisory services to such a customer?
Q6. Do you act as adviser or consultant for any Taft-Hartley, union, or governmental employee benefit plans?
Q7. During the last 3 years, have you or any affiliate been involved in any merger, acquisition, divestiture, or significant change in principals?
Conflicts of Interest & Disclosure Events
Questions 14–16 — please answer all questions honestly
Q14a(1). Does any partner/officer/employee act as both Trustee AND adviser to any customer?
Q14a(2). Does any partner/officer/employee hold a position of control in any organization where customers are solicited to invest?
Q14a(3). Do you advise/solicit customers to invest in any enterprise where a firm member has more than 5% ownership?
Q14a(4). Do you advise customers to invest in any enterprise where another customer has more than 5% ownership?
Q14a(5). Do you act as adviser to an organization where you/members have more than 5% ownership?
Q14a(6). Do you currently use performance-based fees?
Q14a(7). Do you use third-party solicitors to generate business?
Q14b. Is any applicant a director/officer/employee in a position of control for any organization that is also an advisory customer?
Q14c. Are you or any partner/officer/director/employee a CPA?
Q15. Disclosure Events
Have you or any associated professional ever:
15a. Had a professional license or registration denied, suspended, revoked, non-renewed, or restricted?
15b. Been formally reprimanded by any court, administrative, or regulatory agency?
15c. Had a complaint filed with any consumer agency, state securities dept, SEC, FINRA, or other regulatory agency?
15d. Been audited by the SEC, FINRA, any state securities department, or other regulatory agency?
15e. Been formally accused of violating any professional association's code of ethics?
15f. Been convicted of a felony or any civil proceeding?
15g. Been involved in any fee disputes including suits?
Q16. Excluding advisory fees and authorized disbursements, do you have power to withdraw or disburse funds from any customer account?
Asset Allocation & Services
Q17 — Enter the % of total assets in each category (must total 100%). Q18 — % of professional services.
Enter percentages only for categories that apply. Mutual Funds or ETFs holding other security types should be classified as Mutual Funds / ETFs. Leave blank if 0%.
Q18. Professional Services Mix
Enter approximate % for each service you provide (must total 100%). LPOA = Limited Power of Attorney.
Revenue & Assets Under Management
Q19 — Annual gross revenues. Q20 — Value of AUM/AUA.
Q19. Sources of Revenue
Gross revenues from all covered individuals and entities.
Q20. Assets Under Management / Advisement
Requested Coverage
Q21 — Select your desired limit and deductible. Markel does not guarantee any specific limit or deductible.
Policy Limit (per occurrence / aggregate)
Deductible
Section B — Supplemental Coverages
Indicate whether you want to request or decline each optional coverage.
For each supplemental coverage below, select Request or Decline:
Tax Preparation Coverage
Independent Contractors Coverage
Product Sales Coverage
Directors & Officers Liability
Employment Practices Liability
Specified Professions Professional Liability
Certification & Signature
Please review and sign the application.
Notice — Claims-Made Coverage
This application is for coverage on a claims-made and reported basis. Such coverage, if issued, will apply solely as stated in the policy and will potentially cover only those claims that are first made against you and reported to us during the policy period or extended reporting period, if applicable.
By submitting, you declare that: (1) all statements are true and accurate; (2) you are not aware of any undisclosed fact that may result in a claim; (3) you understand the claims-made nature of the proposed policy.
What happens next?
Clicking Submit sends your completed Markel application to your broker at Upward Risk Management. They will review it and send you a quote within 1–2 business days. No coverage is bound until you receive a written quote and confirm.
Something went wrong submitting your application. Please try again or call us directly.
Supporting Documents
Optional — upload your supporting documents securely. All files are encrypted in transit and at rest.
Document Submission
To complete your application, Markel typically requires the following documents. You may upload them here now, or submit them separately at your convenience — simply email them to info@upwardriskmanagement.com and reference your firm name. Your application will be processed once all materials are received.
Form ADV Part 1 & 2A
Form ADV Part 2B Supplements
Current Balance Sheet
Income Statement
Sample Customer Contracts
Regulatory Audit Letter
Investment Philosophy
Trading Policy & Procedures
Files are encrypted with AES-256 and stored securely. Maximum 20 files, 500MB each.
Prefer to email?
Send documents to info@upwardriskmanagement.com with your firm name in the subject line. We will match them to your application automatically.