Advocis has announced the launch of the new Advocis Protective Association (APA) for the purpose of developing and managing an industry leading, member-only errors and omissions insurance plan.

“A strong marketplace demand has driven Advocis to work on this innovative errors and omissions plan that will be more reflective of the needs of its plan holders,” said Steve Howard, Advocis president and CEO, in a news release. “This initiative is predicated on the principal belief that professionals should have a role in shaping and managing a product that is so vitally important to their practice,” he said.

Headed by John Martin, Advocis established an E&O committee of members who are dedicated to the development of a competitive plan designed to meet the needs of advisors. Committee members include long-standing Advocis members and established advisors Lawrence Geller, Gary MacLeod, and Floyd Murphy.

“It’s a case of big being better, particularly where a plan of this nature is concerned,” commented Martin. “In addition to creating efficiencies, our objectives are to deliver plan stability in contributing to the claims process, to proactively educate members, and to advance the Advocis best practices approach to protect advisors against claims. Everyone comes out a winner.”

As a separate entity, with its own board of directors and operating committees, the APA will protect Advocis’ not-for-profit status.

“We are extremely pleased with our current providers and are working closely with Aon, our broker, to develop and present an enduring plan that fits the needs of practitioners to our
insurers, The Employers Reinsurance Corporation and Lloyds of London,” said Martin.

APA is currently working with Advocis members, corporate partners, and interested financial institutions to ensure compatibility of member needs with the right product, administration, and service levels, with a view to unveiling full plan details early in the fourth quarter of 2004.