Series 24: Required Coverage

Taken from our Series 24 Online Guide

Required Coverage

Firms with net capital requirements under $250,000 must carry the greater of $100,000 or 120% of their net capital requirements in fidelity bond coverage.

Firms with net capital above $250,000 must follow the tiered coverage:

Minimum Coverage
Net Capital Requirement	Minimum Fidelity Coverage
$250,000–300,000	$600,000
$300,001–500,000	$700,000
$500,001–1,000,000	$800,000
$1,000,001–2,000,000	$1,000,000
$2,000,001–3,000,000	$1,500,000
$3,000,001–4,000,000	$2,000,000
$4,000,001–6,000,000	$3,000,000
$6,000,001–12,000,000	$4,000,000
$12,000,001 and above	$5,000,000

Deductibles may be up to 25% of the minimum coverage provided in the bond, but any deductibles greater than 10% must be deducted from the firm’s net worth in the net capital calculation.

Each firm must conduct an annual review of its coverage to determine if adj

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