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Do you have employee benefit
plans such as 401(k),
retirement plan, pension
plan, employee
stock-ownership plan, or
health plan? If so,
you need Fiduciary Liability
insurance
What is Fiduciary Liability
Insurance?
Fiduciary Liability
insurance provides coverage
for plan administrators,
human resource employees,
and others acting in a
fiduciary capacity and
exercising discretionary
authority
to design, administer, and
manage pension plans and
employee benefit plans. It
typically also covers
financial institutions, such
as banks or insurance
companies, who also perform
fiduciary duties in
conjunction with the plans
of their client companies.
Common Fiduciary Liability
Exposures
▪
Mergers or Termination of
Plans
▪
Negligence in Administering
a Plan
▪
Plan Disclosures
▪
Improper Advice
▪
Imprudent Investment of
Assets
▪
Inadequate Investment
Diversity
▪
Conflict of Interest
▪
Failure to Pursue Delinquent
Contributions
▪
Losses Arising From
Administrative Errors
▪
Breach of Duties Imposed by
ERISA
Fiduciary Liability Claims
Examples
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