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Fiduciary Liability

Coverage Description

Fiduciary Liability protects the fiduciaries of employee benefit plans for sums they are legally obligated to pay as a result of actual or alleged "wrongful act" or breach of their fiduciary duties. The policy also provides coverage for defense expenses to defend a claim made against the fiduciary for an actual or alleged "wrongful act."

Policy Features

• Duty to defend
• Broad definition of "wrongful acts"
• Broad definition of claim to include:
• Written demand
• Civil proceeding
• Criminal proceeding
• Formal administrative or regulatory proceeding
• Worldwide coverage
• Marital property extension
• Omnibus welfare plan coverage
• Civil penalties under sections 502 (I) and 502 (i) of ERISA included in definition of damages
• Defense coverage for claims seeking benefits due or injunctive or equitable relief in the U.S.
• No exclusion for:
  • Failure to maintain insurance
  • Failure to collect contributions
  • Libel, slander, defamation
• Severability of exclusions and application
• Automatic coverage for:
  • Sold plans
  • Terminated plans
  • Newly formed or acquired plans if plan assets are less than 10% of total plan assets
• Continued coverage for:
  • Merged plans
  • All plans for prior acts in the event of change in control
• Bi-lateral Discovery - upon termination or cancellation for any reason, other than non-payment of premium, the insured organization may purchase an Extended Reporting Period

Travelers Casualty and Surety Company of America and its property casualty affiliates.
One Tower Square Hartford, CT 06183

This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations.

Resources

• Financial Strength Ratings