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Fiduciary Liability for Not-For-Profit Organizations
Fiduciary liability insurance for not-for-profit organizations coverage highlights
Benefits
- Covers ERISA and non-ERISA employee benefit plans, including 403(b) plans and 457 plans
- Unparalleled claim expertise; Chubb has four decades of experience in handling and paying out on fiduciary claims
- Continued financial stability as one of A.M. Best Company’s elite highest-ranking insurers
- Local underwriters and claims examiners with industry and state specific legal expertise
- Worldwide coverage to the fullest extent permitted by law
- Access to loss prevention resources
Coverage
- Responds to allegations including:
- Wrongful denial or improper change in benefits
- Error or omission in plan administration
- Improper advice or counsel
- Failure to administer the plan according to plan documents
- Conflicts of interest and prohibited transactions
- Imprudent investment of assets or lack of investment diversity
- Imprudent selection and failure to monitor third-party service providers
- Automatic coverage for most newly created or acquired plans
- Expanded coverage triggers for pre-claim investigations, interviews and tolling requests may be available for qualified risks
- Coverage for certain penalties and fees levied by the DOL and IRS under a voluntary settlement program, as well as for attendant legal expenses
- Broad definition of ERISA includes equivalent laws established anywhere in the world
- Expanded definition of Loss includes many fines and penalties assessed under ERISA and similar laws
- Broad definition of Wrongful Act including acts, errors or omissions in an Insured’s settlor capacity available for qualified risks
- Potential access to some of the broadest inquiry coverage available on the market, including Interview Coverage for defense costs incurred by an Insured Person when contacted by an Enforcement Unit
- Broad definition of Insured Person includes trustees, directors, officers and employees
- Advancement of defense costs if the organization refuses in writing to indemnify or fails to do so within 60 days of the Insured Person’s written request for indemnification may be available
The ForeFront Portfolio®
In today’s evolving legal environment, employers and plan fiduciaries are increasingly being held accountable for their actions in administering the benefit plans they offer employees and recent settlements have made this complex area of litigation more attractive to the "plaintiffs' bar".
Fiduciary liability insurance coverage and claims insights
Industry trends, loss scenarios, frequently asked questions, and more.