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• The policy can never be avoided or rescinded for misrepresentation or non-disclosure (not even if it is fraudulent).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.

Benefit plan brochure