SAN FRANCISCO, June 28, 2022 /PRNewswire/ -- Woodruff Sawyer, one of the largest independent insurance brokerages in the US, announced today that Nomadx, a subsidiary of Woodruff Sawyer, has launched the first Managing General Agent (MGA) dedicated exclusively to Trustee Liability. Working in partnership with Beazley Group, a Lloyds of London specialist insurer with an A rating by A.M. Best., the Nomadx Trustee Liability MGA provides trustees with the insurance program they need to identify, mitigate and transfer the risk they assume when they agree to serve as a trustee.
The rules and laws governing trustees and other fiduciaries are complex and often contradictory. Many fiduciaries, especially individuals and professional advisors, are not aware that their decisions are subject to Fiduciary standards—the highest duty under the law—and that they are personally liable. In a time of increased litigation, this situation has significantly increased the risks for fiduciaries.
The Nomadx Trustee Liability MGA, in partnership with Balance Partners, was developed by experts in the field to inform and protect trustees quickly using a straightforward application process, making obtaining proper insurance coverage easy. The offering is available for Trustees administering assets of over $5 million and includes the following coverages.
- $5 million liability
- Coverage for fiduciary and non-fiduciary roles
- Blanket coverage for trusts
- Cyber liability coverage
- General liability coverage
- Advancement of defense costs
Judith Pearson, Family Office & Trustee Liability Resource Group Leader, says "Woodruff Sawyer's support of Nomadx was a great leap forward for Family Office and Trustee risk mitigation. Our new MGA, in partnership with Balance Partners, will provide a comprehensive insurance solution in an easy-to-use-and-acquire format, which works well for both seasoned trustees and those who are new to family offices. As the only MGA dedicated to Trustee Liability, this is a welcome addition to the market."
Richard Everall, Focus Group Leader, Beazley adds "We are excited to support Nomadx and the Balance Partners team on this trustee liability program. Together, the program will benefit from not only best-in-class underwriting expertise but will also service its clients via a state-of-the-art operational platform and a knowledgeable underwriting team."
Joe Calise, co-founder and partner Balance Partners confirms, "We are delighted to partner with Nomadx on this Trustee Liability program and look forward to providing and managing the infrastructure needed to transact this rapidly evolving class of business."
Judith Pearson, founder of Nomadx Solutions, joined Woodruff Sawyer in 2020. Nomadx, in partnership with Balance Partners, provides professional liability insurance services exclusively for trustees. Woodruff Sawyer, one of the largest insurance brokerage and consulting firms in the US, protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property and casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, Woodruff Sawyer provides expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents. For more information, call 844.972.6326, or visit woodruffsawyer.com.
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SOURCE Woodruff Sawyer