Fiduciary Liabilty

If your company sponsors an employee benefit plan, you have some risks surrounding that enterprise that fall under the general rubric of “fiduciary liability.”

Who Needs Fiduciary Liability Insurance?

Fiduciary liability insurance can be issued to either the employer that sponsors the benefits plan or to the plan itself. It is appropriate for retirement plans, health plans, life insurance and disability plans, and employee benefits plans of all kinds. Coverage is not limited to ERISA plans, so if you have a non-ERISA benefits plan for which you need fiduciary liability insurance, turn to Evans, Pires & Leonard to discover your choices. Those might include multi-employer plans, also known as Taft-Hartley plans, such as those provided by unions.

Fiduciary Liability Risks

Fiduciary liability insurance protects the insured against allegations that the fiduciary—the money or benefits handler—has breached their duty. The accusation can focus on an error or negligence in administering a plan, including but not necessarily limited to misinterpretation of plan documents, providing imprudent investment options to plan participants, misrepresenting investments, mishandling enrollment or other paperwork, and giving bad advice or faulty instructions to participants.

Coverage Options

Handling financial or medical benefits plans can be highly complex, and insuring your fiduciaries reflects that. At East Hartford, Connecticut-based Evans, Pires & Leonard, we are immersed in the risk landscape of the financial services sector and will provide you with solid advice and top-quality insurance at a reasonable price. Our policies can cover expenses associated with civil lawsuits, written demands for damages that haven’t proceeded to court, administrative or regulatory actions, and investigations by the government or an official agency.

Our policy coverage options include legal defense fees, awards to or settlements with claimants, and voluntary correction programs even when there isn’t a claim. The specific coverage you receive depends on the insurance agreement you choose. We also offer ERISA bonds, which are required by law for all applicable plans, as well as employment benefit liability insurance endorsements, which can enhance a general liability insurance policy to cover errors in the administration of a plan.

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