What are the limits to the excess account protection that is available for client assets held in custody at Pershing?
For securities held in custody by Pershing, the Lloyd’s of London excess account protection coverage follows the terms, provisions, exclusions, and limits of SIPC protection (www.sipc.org) with certain other limited restrictions. After the SIPC limit ($500,000 of net equity protection, including $100,000 for claims for cash awaiting reinvestment) is exceeded, Pershing provides coverage in excess of SIPC limits through Lloyd’s. The additional protection is necessary and available only in the unlikely event that assets are not fully recovered when the SIPC protection limits have been reached. In addition to Pershing’s financial strength and SIPC coverage, our excess insurance policy purchased through Lloyd’s of London provides the following excess account protection for assets held in custody with Pershing LLC and its London affiliate, Pershing Securities Limited: • An aggregate loss limit of $1 billion for eligible securitiesover all client accounts • A per client loss limit of $1.9 mil
Related Questions
- What are the limits to the excess account protection that is available for client assets held in custody at Pershing?
- Are any account assets excluded from the excess account protection that Pershing provides through Lloyds of London?
- Does the service take into account assets held outside of T. Rowe Price?
