The progressive language of our stand-alone ExecPro Fiduciary Liability Insurance Policy, combined
with many optinonal enhancements, results in the broadest, state-of-the-art fiduciary liability coverage
in the market place.
Fiduciary Liability for Corporations
Policy Features
- Claims made policy with Limits of Liability up to $25 million
- Option for defense costs in addition to the Limit of Liability
- Duty to defend with the Insured having the right to assume the defense
- No retention if Insurer defends, advancement of defense costs if Insured defends
- Either/ or Discovery option
- Broad definition of Claim including written demands for monetary or non-monetary relief and fact
finding investigations by the U.S. Department of Labor, the IRS, and the Pension Benefit Guaranty Corporation
- Broad definition of Loss including punitive damages with most favored venue wording and certain ERISA
fines and penalties
- Non-cancelable by the Insurer except for non-payment of premium
- 90-day post policy claims reporting
- Automatic conversion to run-off coverage if change of control, or change in fiduciary responsibility
for a plan due to sale or termination of a plan
- Automatic coverage for certain newly created, acquired or merged plans
- Spousal coverage extension
- Worldwide coverage
Fiduciary Liability Insurance for Multiemployer Plans
Policy Features
- Coverage is tailored to address the unique risks associated with benefit plans for union workers
- Duty to Defend with the Insured having the right to assume the defense
- Definition of Loss to include payments to the IRS or U.S. Treasury pursuant to the Employee Plans Compliance Resolution System (EPCRS) including
the Self-Correction Program (SCP), the Voluntary Correction Program with
IRS Approval (VCP), and the Audit Closing Agreement Program (Audit CAP)
- Full limits are available to address EPCRS exposures
- Coverage is included for alleged violations of ERISA, HIPAA, and COBRA as well as other similar common or statutory law of the U.S. or other
jurisdictions to which an Insured Plan is subject
- Insured persons to include trustees, administrators, and employees of the Insured Plan
- Coverage is available for third party service providers
- Zero retentions are available for small to mid-sized plans
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