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Fiduciary Liability Insurance protects plan fiduciaries from damages and defense costs resulting from allegations of mismanagement of employee benefit, pension and retirement programs. The most common claims allege ERISA violations, careless plan management, and failure to monitor performance of plan investments and administrators.
Benefits of Insuring
- Provides a layer of protection for the personal assets of plan fiduciaries
- Protects the plan from loss of assets resulting in a breach of fiduciary responsibility
- Indemnification for the sponsor or fiduciary as a result of a groundless or real suit
- Security of top rated carriers who specialize in Fiduciary coverage
Coverage Features of the Fiduciary Liability Insurance
- Duty to Defend Policy Form
- Covers negligent acts, errors and omissions in the administration of employee benefits
- Automatic coverage for newly acquired plans
- Prior Acts coverage (subject to underwriting)
- Coverage for civil penalties under Section 502(1) and 502(i) of ERISA
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