Key Benefits

Fiduciary Liability Insurance Key Benefits

• Coverage for:
  • Denial or change of benefits
  • Breach of responsibilities or fiduciary duties imposed by ERISA
  • Negligence in the administration of the plan
  • Wrongful termination of the plan
  • Failure to adequately fund a benefit plan
  • Cash balance plan conversion
• Duty to defend policy
• Voluntary settlement program coverage
• Definition of "insured" includes the organization, its benefit plans, and its fiduciaries
• Coverage also extends to the insured person's spouse or domestic partner for wrongful acts of the insured person
• Definition of "administration" includes advising, counseling, or giving notice to employees; producing plan interpretations; handling records; enacting enrollment; and terminating or canceling employees, participants or beneficiaries under any plan
• Definition of "employee" includes part-time and temporary employees as well as volunteers
• Definition of "claim" includes a written demand for monetary damages, a criminal proceeding, formal administrative or regulatory proceeding, and a fact-finding investigation by the DOL, U.S. Pension Benefit Guaranty Corporation, or similar authority located outside the U.S.
• Coverage for civil money penalties relating to certain 502(i) and 502 (1) claims
• Employee benefit plan language includes certain plans defined in ERISA, plans not subject to ERISA that are sponsored solely by the insured for the benefit of its employees including fringe benefit plans and excess benefit plans, and new benefit plans being proposed, developed, or formed by the insured (excluding employee stock ownership plans)
• Coverage for the personal liability of fiduciaries which is why the coverage is so important
• Simplified application and specialized risk management information is provided by the insurer
• The backing of a stable A.M. Best "A +" rated insurer with many years experience in Fiduciary Liability Insurance