Our Fiduciary Liability insurance policy addresses exposures related to an organization's pension and welfare plans.
- Definition of Loss includes punitive and exemplary damages; multiplied damages; and civil fines and penalties that are i) imposed by U.K. pension regulators; ii) associated with Voluntary Compliance Loss; iii) imposed under HIPPA privacy regulations or iv) comprised of the 5 percent and 20 percent penalties under ERISA sections 502(i) and 502(1), all subject to an Insured- friendly choice of law provision.
- Severability of application for insured persons.
- Explicit coverage for the costs of an independent fiduciary retained to review a proposed settlement of a covered claim.
- Specific exception to the benefits exclusion for diminution in the value of Plan assets because of a change in the value of plan investments.
- Specific exception to the BI/PD Exclusion for defense costs incurred in connection with a claim for violation of employee benefits law.
- Specific exception to the discrimination exclusion for claims alleging violation of Section 510 of ERISA.
- Express coverage for partnerships, joint ventures and foreign corporate trustees.
Maximum capacity: $25 million
Appetite & Availability
All sized risks