Our Fiduciary Liability insurance policy addresses exposures that the plan sponsor and its directors, officers and employees face as fiduciaries and administrators when overseeing an organization’s pension and welfare plans.
Coverage Highlights
- Definition of Loss includes punitive and exemplary damages; multiplied damages; and civil fines and penalties that are i) imposed by U.K. pension regulators; ii) associated with Voluntary Compliance Loss; iii) imposed under HIPPA privacy regulations or iv) comprised of the 5 percent and 20 percent penalties under ERISA sections 502(i) and 502(1), all subject to an Insured- friendly choice of law provision.
- Severability of application for insured persons.
- Explicit coverage for the costs of an independent fiduciary retained to review a proposed settlement of a covered claim.
- Specific exception to the benefits exclusion for diminution in the value of Plan assets because of a change in the value of plan investments.
- Specific exception to the BI/PD Exclusion for defense costs incurred in connection with a claim for violation of employee benefits law.
- Specific exception to the discrimination exclusion for claims alleging violation of Section 510 of ERISA.
- Express coverage for partnerships, joint ventures and foreign corporate trustees.
Coverage Limits
Maximum capacity: $25 million
Appetite & Availability
Targeted classes
All sized risks
