Markel's investment advisors professional liability policy is a “right and duty to defend” contract which is the strongest defense provision available.
Other defense clauses used in the industry are an “option but not duty to defend” which allows the insurance company to decide whether it will assume/manage your defense and may provide defense on an indemnity basis (you manage and pay for the defense and the insurance company reimburses you).
Additionally, when defense is offered it may be portioned based upon whether parts of the claim are considered covered vs. non-covered acts. Markel's investment advisors professional liability coverage is “right and duty to defend,” includes defense on the whole claim, and “pays on behalf of” you in a claim.
Our policy contains a consent to settle clause so be sure to ask about this to assure you have the right to consent to settlement before it is finalized.