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Is
insurance important for ERISA plan administrators?
ERISA requires that a fiduciary of an employee benefit plan act solely in the
best interest of participants and beneficiaries.
Fiduciaries can be held personally liable for
any breach of their responsibilities. Studies indicate
significant increases in claims severity and frequency over the past
several years.
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What is Fiduciary Liability Insurance?
Pays the legal liability arising from claims for
alleged failure to act prudently.
P rotects the personal assets of a plan fiduciary due to
allegations of breach of fiduciary duties.
ERISA explicitly allows
for the purchase of fiduciary insurance.
It could be a breach of fiduciary duty if a
claim arises and no insurance is in place that was readily
available.
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North
American Professional Liability Insurance Agency, LLC

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