Are you interested in more complete protection for or your company’s fiduciary(ies) and your enterprise? We offer policies which enhance a basic ERISA bond with employee benefit liability coverage as well as other attractive features. Our enhanced policy provides:
Fiduciary liability insurance is designed to protect businesses’ and
employers’ assets from “fiduciary-related” claims, generally due to
the mismanagement of a company’s employee benefit plan(s). An administrator,
TPA, trustee or plan sponsor is responsible for the legal expenses of defending
against a claim and any financial losses that the plan may have sustained due
to the errors, omissions or breach of affirmative duty of one of these
fiduciaries. Fiduciary liability policies do NOT cover “fraudulent
acts” and therefore does not satisfy ERISA bond requirements. We offer a
special ERISA-complaint coverage for registered investment advisers (RIAs).
(hyperlink RIA to the app. for it.)
Per the International Risk Managment Institute, “Fiduciary liability arises from the obligations set forth in the Employee Retirement Income Security Act of 1974, also known as “ERISA”. The Act was passed to ensure that employees participating in an employee pension benefit plans and employee welfare benefit plans receive the benefits promised by those plans. As a byproduct, the Act created a variety of fiduciary liability exposures for employers that offer benefit plans. Fiduciary liability insurance coverage was the industry’s solution to these new exposures.”
A typical fiduciary liability policy contains employee benefits liability protection, sometimes referred to as “employee benefits E&O”. The covered acts are those generally committed within the course of handling nondiscretionary functions associated with employee benefit programs. Again, defense coverage and “indemnifying the plan participants” are key.
If you would like a quote for this type of policy please complete and submit the application below.
As part of this Application, we expect you to submit the following documents: