What is Waiver of Recourse?

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...

Who Can Pay for Fiduciary Insurance?

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...

What is Fiduciary Liability Insurance?

A fiduciary liability insurance policy is a contract designed to protect plan trustees, other fiduciaries and the employee benefit plan against claims alleging breach of their fiduciary duties to the plan or claims alleging they committed an error in the...