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Benefit plan liability policy
Chubb Specialty Insurance

 

 

Trustees, employers and others involved with running a scheme face many potential allegations of error or omission in their responsibility to scheme members, such as:

  • Administrative error
  • Denial or change of benefits
  • Improper advice
  • Misleading disclosures
  • Conflicts of interest
  • Imprudent investment of scheme assets
  • Violation of scheme documents
  • Default on an obligation to contribute to the plan

Key features of our policy include:

  • Contribution notices: insured persons protected
  • Overpayment by benefit plans covered when the trustee’s wrongful act is exonerated
  • Cover for civil fines and penalties imposed by the Pensions Regulator and the Pensions Ombudsman
  • Missing beneficiary claims covered
  • Court attendance and staff disruption costs: compensation to policyholder
  • Automatic 12 year extended reporting period for retired insured persons
  • Wrongful acts during winding-up of a plan are covered
  • The policy can never be avoided or rescinded for misrepresentation or non-disclosure (not even if it is fraudulent). Cover limitations only for those individuals who knew of the non-disclosed or misrepresented facts and for organisations where particular persons knew.