by John O'Brien | Dec 5, 2018
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...
by John O'Brien | Dec 5, 2018
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...
by John O'Brien | Oct 4, 2018
What is an ERISA Fidelity Bond and What do you need in your plan’s Fidelity Bond? Fiduciary liability insurance and fidelity bonding are easily confused. A fidelity bond is a contract under which the issuer of the bond, typically a surety company or an insurance...
by John O'Brien | Sep 26, 2018
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...
by John O'Brien | Sep 13, 2018
The modern fiduciary liability insurance policy will offer four basic coverage grants: (1) breach of fiduciary duty; (2) negligence in the administration of the plan; (3) voluntary compliance programs; and (4) regulatory penalties. 1. Breach of Fiduciary Duty: The...
