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Management Liability

Fiduciary Liability Insurance for Multiemployer & Public Sector Benefit Plans

Overview

Protecting trustees and employees of multiemployer plans

Trustees of health, welfare, defined contribution, pension, and other benefit plans hold a significant and often complex role in managing these plans. The Employee Retirement Income Security Act of 1974 (ERISA) imposes extraordinary responsibilities on trustees of multiemployer plans. While governmental plans are not subject to ERISA, trustees of these plans must also be vigilant as state laws governing their conduct can be equally stringent. Fiduciary coverage for trustees of both ERISA plans and Non-ERISA plans is paramount due to the personal liability they face.

As a provider of specialized fiduciary liability insurance, Chubb developed the Multiemployer Plan Fiduciary Liability Policy to offer critical protection to multiemployer plans and their trustees and employees. The policy can also be tailored for Public Sector Plans to address their unique exposures as well.

Contact a Chubb Underwriter for further information.

Dive In
Dive In

Take a deeper look at the new product offerings

Customized Coverage

Chubb offers specialized fiduciary liability insurance that can be customized to fit the unique needs of our insured plans.

 
Multiemployer Plan Fiduciary Liability Policy
  • Streamlined coverage with Insuring Clauses for Fiduciary Liability, Voluntary Compliance, and Interview Coverage
  • Definition of Wrongful acts includes acts, errors, or omissions in an Insured’s settlor capacity with respect to establishing, amending, terminating, funding, merging, or consolidating plans, in addition to breach of duty imposed by ERISA upon fiduciaries and errors in plan administration
  • Definition of Claim includes: 
    • Pre-Claim Investigations (Insured’s option to report)
    • Benefit Claim Denials (Insured’s option to report)
    • Regulatory proceedings against an Insured Persons by an Enforcement Unit (SEC, DOJ, HHS) 
    • Subpoena requests made upon Insured Persons 
  • Definition of Loss includes: 
    • Civil penalties, where insurable by law: 
      • Health Insurance Portability and Accountability Act 
      • Health Information Technology for Economic and Clinical Health Act
      • Patient Protection and Affordable Care Act
      • Employee Retirement Income Security Act Section 502(c) 
      • Section 4975 of the Internal Revenue Code
      • Section 203 of the Bipartisan Budget Act
    • Compensatory damages
      • Punitive, exemplary, and multiplied damages, where insurable by law 
      • Claimant attorney fees awarded by a court pursuant to Section 502(g) of ERISA 
      • Pre-judgment and post-judgment interest 
      • Reasonable fees and expenses of an independent fiduciary retained to review a proposed settlement of a covered claim
  • Duty to Defend policy includes built-in flexibility for Insured to select defense counsel on a majority of claims 
  • No Hammer Clause 
  • Non-cancellable by the Insurer (except for failure to pay premium) 
  • Non-rescindable 
  • Enhanced claim reporting
  • Other enhancements may be available by endorsement

 

Labor Management Trust Fiduciary Liability Policy

  • Coverage enhancements noted above as well as other enhancements may be available by endorsement on the Labor Management Trust Fiduciary Liability Policy Form 14-02-2265 (Ed. 3/97)
Loss Prevention
Loss Prevention

Law firm providing multiemployer loss prevention services

Groom Law Group, Chartered (“Groom”) is recognized as a preeminent law firm in the United States, including its retirement, health and welfare, and litigation practices. Since ERISA was enacted, Groom has counseled multiemployer plans on benefits-related matters and has defended such parties in class action litigation and represented them in Department of Labor investigations. Fast forward to today, Groom remains at the forefront in representing multiemployer plans in defending claims brought against plans and plan trustees or in DOL investigations, and works with plans and their trustees to create viable solutions to mitigate against litigation risk. 

Our Approach
Our Approach

Why Chubb?

Global reach. Underwriting and claims expertise. 

With risk specialists and claims professionals operating in 54 countries around the world, we provide the service you need and can help you get back up and running just about wherever you may be.

Partnership that’s personal

We work to understand your business and where you’re headed so we can be proactive about meeting your needs. Whether your business is big or small, we invest in getting to know you, your team, and your customers. The goal: to help you see ahead, be ahead, and stay ahead.

Creative problem-solving

Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is always evolving because we’re always striving to help clients avoid risk in smarter ways. That means we bring the latest thinking and a fresh perspective to helping solve your risk challenges.

Expertise and financial strength

We’ve served clients and partnered with leading organizations for more than 200 years. Our longevity, expertise, and financial strength are the bedrock of our business. That’s why 95% of Fortune 1000 companies are Chubb insured.

Resources

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Multiemployer Plan Fiduciary Liability Policy Brochure

What does the Chubb Multiemployer Plan Fiduciary Liability Policy cover? 

Multiemployer Plan Fiduciary Liability Policy Brochure for Public Sector Plans

Are trustees targets for claims alleging fiduciary breach or failure?

Labor Management Trust Fiduciary Liability Policy Brochure

What does fiduciary liability insurance cover for multiemployer plans? 

Refer to this Brochure if the insured is written on the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)

Labor Management Trust Fiduciary Liability Policy Brochure for Public Sector Plans

Are trustees a target for claims alleging a fiduciary duty breach or failure to properly administer a public sector benefit plan?


Refer to this Brochure if the insured is written on the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)

Applications
Applications

Multiemployer Plan Fiduciary Liability

Use this Application if the insured is written on the new Multiemployer Plan Fiduciary Liability Policy (Form PF-52560)

Labor Management Trust Fiduciary Liability

Use this Application if you are still using the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)

Contact Us
Contact Us

The right fiduciary liability insurance coverage in a few clicks

Contact a Chubb Underwriter for more information