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Fiduciary Liability
Provides liability coverage for a firm’s sponsorship of retirement or welfare plans for the benefit of employees. Liability is created under law for the plan, any trustee, officer or employee acting in the capacity of a ‘fiduciary’ for the management and maintenance of the assets of such plans. Such handling can be delegated, however the firm sponsor remains ultimately responsible.
Under ERISA law, a fiduciary can be held personally liable as a result of alleged errors, omissions or breach of fiduciary duties. These duties include selecting advisors and investments, minimizing expenses and adherence to plan documents. You also have a duty to act solely in the interest of plan participants and beneficiaries – not the company. Claims can be brought by various sources including plan participants, their legal estates, beneficiaries, the Department of Labor, and the Pension Benefit Guaranty Corporation.
Trinity Managers International has the expertise and markets to help you insure and demystify Fiduciary Liability Insurance.
Typical Features:
Full Prior Acts
Separate or shared limits with other management liability coverages
Improper selection of third party service providers
Voluntary compliance sublimit
Severability of exclusions
Coverage for all employee benefit plans, not just those covered by ERISA
Coverage for discretionary authority in the management of the plan, its assets or in the administration thereof
Coverage extensions for ‘settlor capacity’ i.e. defense for decisions to create, fund or terminate plans
Coverage for ESOP’s
Penalties under the Affordable Care Act
HIPPA penalty coverage
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