The Employee Retirement Income Security Act of 1974 (“ERISA”) established strict standards of fiduciary conduct. As such, any fiduciary that breaches any responsibilities, obligations or duties imposed by ERISA may be personally liable to compensate the plan for any resulting losses. In today’s evolving legal environment, employees and plan fiduciaries are increasingly being held accountable for their actions in administering the benefit plans that are offered to employees. Specific to privately owned companies, Chubb developed the Fiduciary Liability Coverage Part of ForeFront Portfolio 3.0℠ to specifically address the unique exposures faced by plan fiduciaries.
Privately owned companies and their fiduciaries can be sued by a host of parties and plan fiduciaries may find themselves being held personally liable. Chubb has taken broad coverage to the next level with our Fiduciary Liability Enhancement Endorsement for ForeFront Portfolio 3.0.