Fiduciary Liability Insurance
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At a Glance
Fiduciary Liability protects the personal assets of anyone acting in a fiduciary capacity from claims alleging mismanagement of your firm's employee pension and 401K plans.
A fiduciary is a person to whom property is entrusted for the benefit of another. A fiduciary can be a director, officer, employee or other retained person(s).
Under the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for breach of their responsibilities in the administration or handling of employee benefit plans.
A fiduciary is a person to whom property is entrusted for the benefit of another. A fiduciary can be a director, officer, employee or other retained person(s).
Under the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for breach of their responsibilities in the administration or handling of employee benefit plans.
A Fiduciary's Exposure to Claims/Suits
- Changes in benefit levels or elimination of existing plans.
- Offering of "non-qualified benefit plans," many of which are not subject to ERISA. This poses a unique insuring problem since the basis of Fiduciary Liability insurance is "...plans subject to ERISA..."
- Employer "direction or encouragement" and "coercion" in the selection of health care providers.
- Merger or acquisition situations involving benefit plans.
- 401(k) plans. Liability can arise from the number of investment choices offered to employees, the expenses to administer the plan, the long-term investment returns of the plan, the amount of employee input as to plan design and administration, and the use of Third Party Administrators and how frequently these services are competitively bid on.
How to Apply
Please click here to download the Fiduciary Liability Insurance Application. You may fax your completed application to 1-202-367-5020, or you may mail it to our office at the address below. You can also find a link to the application under Forms & Links on this page.
AR Ins. Lic. #245544
CA Ins. Lic. #0633005
d/b/a in CA Seabury & Smith Insurance Program Management
AR Ins. Lic. #245544
CA Ins. Lic. #0633005
d/b/a in CA Seabury & Smith Insurance Program Management
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