Barely a week passes without news of another financial adviser ripping off his or her clients. In many tragic cases they steal everything, and when the scam is finally uncovered there is nothing left.

Bernie Madoff is the most infamous of the embezzlers. But he is by no means alone. There are more than 650,000 financial advisers in the U.S., and according to an analysis by the University of Chicago about 7% have been disciplined for some sort of misconduct, from the minor to the egregious.

Now, a new insurance product aims to offer investors some protection.

Capital Shield Insurance Services, a new company set up in Ft. Myers, Fla., is this month unveiling “embezzlement insurance” for investors underwritten by insurance company Berkley FinSecure. “Think of Bernie Madoff,” says Capital Shield managing partner Mark Levine. “That’s exactly the kind of thing this policy would cover.”

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They promise the policy will pay out as soon as your adviser is indicted “and the handcuffs are on.” You won’t have to wait for a conviction.

The company says the policies will cost about $1,500 a year for each $1 million insured. That’s .15% of assets, and investors will have to factor it into their returns alongside all other costs, fees, and taxes.

The average gross returns from a typical portfolio of 60% U.S. stocks and 40% Treasury bonds has been about 7.5% a year since the 1920s, according to data compiled by New York University’s Stern School of Business. The insurance policies’ pricing formula is proprietary and based on a “secret sauce,” said Mike Connor, president of Berkley FinSecure.

Some of the founders have encountered the problem of embezzlement personally. Capital Shields’ CEO Jim Foglio, who worked in insurance in New Jersey for over 30 years, said a colleague stole $1 million. The company’s president Travus Pope said he had been “taken to the cleaners” by certain international distributors of a movie he produced in Hollywood. The experiences showed them there was a real need in the market, they say.

Their argument: You insure your home. You insure your other risks. But so far there is no way of insuring against fraud.

Foglio says the embezzlement took an emotional and a financial toll. “You don’t know who to call,” he says. He and partners ended up spending $200,000 on lawyers, accountants and other advisers over a $1 million theft. The criminal spent a year in jail and filed for bankruptcy. They got nothing back.

Investors who have their money managed by a big Wall Street bank may hope that in the event of fraud the bank will make them whole. But Capital Shield’s founders argue there are no guarantees. At best, you may have to go through a long process of litigation. For those whose money is managed by a small firm, the risks are even greater, they argue.

Insurance is one way of minimizing risks that your investment portfolio will be whisked away from under your nose by an intermediary. Potentially there are others, including buying your bonds directly from the U.S. Treasury, and getting your stocks registered in your own name.