Fiduciary Liability

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Fiduciary Liability Insurance protects fiduciaries against legal liability for claims arising out of their roles. These policies are stand-alone, yet there are several other protections available for organizations wishing to protect themselves:

Fidelity bonds

Fidelity bonds are required under ERISA and are designed for safeguarding beneficiaries when administrators or trustees financially harm an employee benefit plan. This bonding insurance is only designed to benefit the plan and beneficiaries and will not protect the trustees from liability claims (the difference as compared to Fiduciary Liability Insurance).

Employee Benefit Liability (EBL)

Employee Benefit Liability (EBL) insurance covers claims arising out of errors or omissions while administering a benefit plan. EBL does not protect against all fiduciary responsibilities and may be included in a Fiduciary Liability policy.

In addition to these coverages, similar protection may be adopted using Directors and Officers (D&O) Liability Insurance, Commercial General Liability (CGL) or Trust E&O/Professional Liability coverage with an endorsement covering fiduciary liabilities.

Who is a Fiduciary?

  • Individuals or organizations who exercise authority or control over the management of an employee benefit plan. Specifically, those responsible for investing, controlling or disposing of assets held by the plan.
  • Entities that service pension plans, such as consulting firms, law firms, accounting firms, professional administrative firms, investment advisors, investment management companies and trust departments of financial institutions.

Protecting your fiduciary duties can be quite complicated; let Reliance Partners guide you through the process. Contact us today at (877) 668-1704 to learn more.

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