Euclid Specialty is pleased to announce publication of
the Fiduciary Liability Insurance Handbook.
This handbook is the definitive guide for fiduciaries and advisers of employee benefit plans.
Topics in the Fiduciary Handbook Include:
- The Nuts and Bolts of a Fiduciary Policy
- Cutting-edge Coverages
- ERISA Fidelity Bond vs. Fiduciary Insurance
- Application Process
- Commonly Asked Questions
- Selecting the Right Policy Limit
- Checklist of Key Provisions
- Waiver of Recourse
- Claims Handling
- And More!
Although not required by fiduciary law, most employee benefit plan fiduciaries realize that they need fiduciary liability insurance. But many plan officials do not pay adequate attention to the quality of their fiduciary liability insurance protection. Buying decisions are often based on the lowest premium amount or name recognition of the insurance carrier. Like the underlying liability, however, fiduciary liability insurance is complex, and deserves important consideration to ensure that the plan and its fiduciaries are protected in the event of a claim.
The purpose of this handbook is to explain the ins and outs of fiduciary liability insurance and provide a practical guide to ensure that plan officials obtain the best possible protection for their funds and to protect against their own personal liability. While it is not intended to replace the advice and representation of an experienced fiduciary liability insurance broker or outside counsel, we hope that this handbook serves as a useful reference.
Our goal is to make one thing obvious: fiduciary liability insurance is not a commodity. A quality scope of coverage from an insurance carrier with fiduciary expertise and experience is an essential component of your employee benefit and risk management portfolio.
Fiduciary Liability Insurance Handbook Posts
What is Waiver of Recourse? The ERISA-mandated recourse provision discussed in the preceding section – which applies if the fiduciary insurance is paid out of plan assets – means that a breaching fiduciary’s personal assets would still be at risk for all losses caused by the fiduciary...
Who Can Pay for Fiduciary Insurance? ERISA does not require that a benefit fund or trustee purchase fiduciary insurance, but a fiduciary faces significant personal exposure without it. Importantly, ERISA generally prohibits a benefit fund from excusing a fiduciary from liability for breaches of...
About Euclid Specialty Managers, LLC
Euclid Specialty is an insurance underwriting company that specializes in providing the highest quality fiduciary liability insurance and crime coverage for employee benefit plans, from non-profit, multiemployer and governmental trusts to employee benefit plans sponsored by for-profit companies. We are a team of experts and thought leaders who have decades of experience in complex fiduciary liability underwriting and claims. Euclid Specialty is the prudent choice for America’s best employee benefit plans. Learn more at www.euclidspecialty.com.