Fiduciary Liability Insurance
The trustees of employee benefit plans have a legal duty to act in the best interests of the plan members and the sponsor. The Guarantee Company's Pension and Welfare Fund Fiduciary Liability Policy provides protection for losses that the insured is legally obligated to pay on claims for damages resulting from wrongful acts. The Guarantee Company offers an insured this coverage as a complement to existing Fidelity and / or D & O policies.
Claims & Exposures
The main areas of exposure to loss involve allegations against fiduciaries for loss arising from :
- Administrative errors
- Improper advice or counsel
- Misrepresentation
- Conflict of Interest
- Imprudent investment
- Failure to arrange adequate funding for the plan
- Denial or change of benefits
- Incorrect benefit calculation
- Wrongful termination of the plan
- Civil rights denial or discrimination
