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What is Fiduciary Insurance & What is my exposure?

 

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Companies generally offer employee benefit plans to help attract and retain quality employees.  However, you may not be aware of the liability exposure created from the management of these plans. 

Our Fiduciary Liability Programs are specifically designed to respond to claims arising out of improper investments, insufficient funding, or breach of fiduciary duties.

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Testimonials

"We are pleased to partner with an organization like NAPLIA who are not only industry experts, but have shown a true commitment to the best interest of our members."

 

Heather Martorella, AIF, Director of Marketing for fi360.

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.

 

Protects the personal assets of a plan fiduciary due to allegations of breach of fiduciary duties.

 

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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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