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Fiduciary Liability Insurance

Home Fiduciary Liability Insurance

Designed to Protect People and Companies Against Benefit Plan Mismanagement

Fiduciary Liability insurance helps protect individuals and companies from claims of mismanagement and the legal liability related to serving benefit plans. Most organizations sponsor retirement and health plans to attract employees, and anyone involved with managing those plans is likely considered a fiduciary. Per the Employee Retirement Income Security Act (ERISA) of 1974, fiduciaries can be held personally liable for a breach of fiduciary duties.

ERISA regulates not just retirement plans, such as 401(k)s and 403(b)s, but nearly all employer plans that provide benefits, including welfare plans like medical, dental, life, and disability plans. Litigation costs can be staggering if your company is sued for errors or omissions in the plan’s administration.

Who Is a Fiduciary?

Anyone cited in a benefit plan document and anyone considered to have decision-making power over the management of the plan and its assets may be viewed as a fiduciary under ERISA. Typical fiduciaries are employers, the company’s directors and officers, and plan administrators and trustees.

What Fiduciary Liability Insurance Covers

Fiduciary liability insurance protects an organization from the mismanagement of benefit plans. However, it will not protect an organization from fraudulent cases of theft. Coverage typically addresses the following activities:

  • Informing employees of the availability and participation requirements of a pension plan
  • Shortages in the benefit plan’s assets due to a breach /of fiduciary duty, such as improper investment of funds
  • Interpretation of the plan’s benefits
  • Enrollment and record handling
  • Cancellation or termination of employee participation in the plan

Other Policies Exclude Fiduciary Coverage

Coverage for fiduciary liability is most likely not included, even if an organization holds other management liability policies. For instance, most Directors and Officers (D&O) policies specifically exclude fiduciary liability claims. Errors and Omissions (E&O) insurance for professional services covers your relations with customers, not employees—and Employment Practices Liability insurance shields against exposure from employment-related claims, such as discrimination.

Chivaroli & Associates will help tailor Fiduciary Liability policies to fit your healthcare organization’s needs. Connect with us today to discuss your company’s employee benefits programs and your unique fiduciary liability exposure.

Healthcare administrators can be viewed as a fiduciary under ERISA.

Call us today at  800.240.2448  or Email us at mail@chivaroli.com

Contact Us

Chivaroli and Associates Insurance Services is a full-service brokerage firm specializing in the custom-design and placement of insurance and alternative risk funding solutions for your healthcare organization.

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Address:
200 North Westlake Blvd., Suite 101
Westlake Village, CA 91362
Phone:
805-371-3680
E-mail:
mail@chivarolitr.wpengine.com

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