Fiduciaries of all types of employee benefit plans are increasingly being held accountable for their actions in operating and administering these plans. Chubb’s comprehensive solution is designed specifically to help protect your fiduciaries and the benefits plans you manage.
Chubb has leveraged our four decades of fiduciary experience to craft a best in class policy, incorporating sought after terms with innovative new offerings to create a better customer experience – from the ease of purchasing a world-class, comprehensive policy to the flexibility of choosing how and when to use your coverage.
Executive Protection Portfolio℠ for Public Companies
Fiduciaries of employee benefit plans have a duty to act in the best interests of their plan participants. Chubb’s Fiduciary Liability insurance provides coverage for plan fiduciaries of publicly-traded companies who may even be held personally liable for the decisions they make in managing or operating a plan, including making investment decisions and benefit determinations.
ERISA established strict standards of fiduciary conduct. Specific to privately owned companies, Chubb’s Fiduciary Liability coverage addresses the unique exposures plan fiduciaries are increasingly being faced with for their actions in administering the benefit plans that are offered to employees.
ForeFront Portfolio℠ for Not-For-Profit Organizations
Specific to not-for-profit organizations, Chubb’s Fiduciary Liability insurance provides coverage for fiduciaries of retirement plans and employee welfare benefit plans can be held personally liable for a mistake in managing or operating the plan or a perceived breach of fiduciary duty.
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 to specifically address the unique exposures faced by plan fiduciaries in financial institutions.
In such a rapidly evolving legal landscape, the responsibilities that trustees carry can be daunting. Chubb customizes fiduciary liability coverage to fit the unique needs of trustees manage multiemployer health, welfare, and pension trust plans.
Plan trustees can be personally liable for breaching their fiduciary duty and may not be fully protected by sovereign immunity. Chubb’s Fiduciary Liability insurance acknowledges the needs of trustees who act with care, skill, and diligence to manage governmental health, welfare, and pension plans.
While Fiduciary Liability Insurance is a key piece of any program to protect against liability related to managing or administering employee benefit plans, any comprehensive risk management program should include loss prevention measures. This includes training plan fiduciaries and company employees on best practices as well as reviewing plan documents and procedures to ensure they are updated, reasonable and compliant. Chubb is proud to facilitate our policyholder’s access to superior loss prevention services, including Excessive Fee Mitigation Services, at discounted rates.