Fiduciary Liability Insurance pays, on behalf of the insured, the legal liability arising from claims for alleged failure to prudently act within the meaning of the Pension Reform Act of 1974. The Insured is variously defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is sole sponsor of a plan and any other individual or organization designated as a fiduciary. Group life and medical expense plans, as well as pension and retirement plans, are within the scope of the law.
Fiduciary Liability
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Fiduciary Liability
FAQ'S
What is Fiduciary Liability Insurance?
Fiduciary liability insurance is a popular vehicle for the protection of fiduciaries of employee benefit plans against legal liability arising out of their role as fiduciaries, including the defense cost for acts of negligence, mismanagement, or breach of duty.
How can I obtain Fiduciary Liability coverage?
The documents required are carrier specific applications and retirement plan statements of the organization.
What is the cost for this type of policy?
The cost is dependent on several underwriting factors and the amount of assets under management.
What are the benefits?
Fiduciary Liability protects the administrators and financial advisors of the plan from errors and omissions that give rise to financial loss.
How much coverage do I need?
Coverage is based upon the types and number of plans being covered. Such as types of health care plans, types of pension and/or 401K.
What do I need to implement coverage?
Signed final proposal, underwriting approval and a premium check.
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Carriers
