Fiduciaries of employee benefit plans have a duty to act in the best interests of their plan participants. They may even be held personally liable for the decisions they make. In today’s litigious environment, concerns about a benefit plan can quickly escalate into a lawsuit, which could cost millions of dollars to defend and settle. Chubb developed a variety of fiduciary liability insurance policies, including Asset Management ProtectorSM by Chubb and Executive Protection PortfolioSM to specifically address the unique exposures faced by plan fiduciaries in financial institutions.
What Is Fiduciary Liability Insurance?
From top corporate executives that hire investment managers to payroll clerks that process enrollment forms, Fiduciary Liability may be the only coverage that adequately protects people against liability for managing or administering an employee benefit plan.