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Fiduciary Liability Coverage is designed to protect administrators and executives from claims stemming out of the mismanagement of employee benefit plans. Any company offering a 401(K), pension plan, medical, life or disability insurance to their employees could be at risk.

According to the ERISA Act of 1974 (Employee Retirement Income Security Act), individuals who make decisions about their company’s employee benefit plans are most likely considered fiduciaries. Fiduciaries can be personally liable for errors, omissions, or breach of duty incurring losses to a benefit plan. Accountability can also be accrued to the company who sponsors the plan, the plan itself, or other outside consultants giving financial advice for the plan. Specific Fiduciary Liability coverage is usually not included as part of a company’s general liability plan, and must be purchased separately.

With the spotlight being shown more and more on corporation’s mismanagement of benefit plans and financial irresponsibility, this is a risk exposure you don’t want to have.

Coverage Classes
  • Stated EEOC Policy, or Willing to Post One
  • Stated Sexual Harassment Policy, or Willing to Post One
  • Administrators of Company Employee Benefits Plans
  • Single Employers
  • Unions
  • Employee Stock Ownership Plan (ESOP)
Policy Highlights
  • Breach of fiduciary duties
  • Negligent errors & omissions
  • Imprudent choice of outside service provider
  • Improper disclosure to plan participants
  • Improper amendments or failure to amend plan documents
  • Faulty advice of counsel
Optional Coverage Enhancements
  • 502 (i) and 502 (l) penalties
  • Penalties for HIPAA privacy violations
  • Penalties for violations of the Pension Protection Act
  • Defense outside the limits

Capitol Special Risks is a Professional Liability wholesale provider. The coverages, highlights, and enhancements represented are indications of market availability through CSRisks, but are not guarantees of coverage offerings. Please refer to the actual indications, specimen forms, and endorsements for complete terms and conditions.