Companies and individuals involved with sponsoring, administering or managing pension, savings, profit-sharing, employee benefit and health/welfare plans may be liable to the participants and beneficiaries for any breach of their fiduciary duties. In fact, the designated fiduciaries are not the only target of lawsuits; plan designers, administrators, asset managers, employers and the plan itself can all be liable. Furthermore, fiduciaries can also be held liable for the acts, errors and omissions of third parties who provide administrative and related services.
Our fiduciary liability coverage protects assets and covers the cost to defend against allegations of fiduciary misconduct, improper advice or disclosure, imprudent investments, breach of ERISA-imposed responsibilities, conflict of interest and negligence in the administration of a plan.
- Excess only with no minimum attachment requirement
- No specific classes of business excluded
- Commercial/Management liability: $25M
- Private commercial/Not-for-profit businesses and organizations: $25M