Broker Dealer E&O/Indemnification
Posted: Mon Oct 19, 2009 6:44 am
We're looking to place Broker Default Indemnification Insurance. This product used to be offered by AIG Financial Products. In short, the broker dealer lends the securities of a third party to various counterparties (i.e. Goldman, Deutsche Bank). The counterparties would post over 100% collateral which would be trued up each day based on the closing price of the equity from the prior day. We would be looking for something along the lines of a $20MM limit policy that would protect the company that lends the securities to the broker dealer. Does anyone have any ideas who can write this? Thanks.