Overview
Employee benefits programs such as health
plans, pension plans and 401(k) accounts are set up by employers to
help their employees protect their financial futures.
Unfortunately, if these plans don’t perform the way they are
expected to, or when a problem arises in the administration of
benefits, the company and the plan fiduciaries may find their own
financial futures in jeopardy. Many don’t realize that the
individuals responsible for running benefit plans face personal
liability in the event of a claim.
Beazley understands the exposures inherent in
providing employee benefits and we have developed our fiduciary
liability policy to provide maximum protection to plan sponsors,
fiduciaries and administrators.
Policyholders gain the added benefits of:
- BeazleySource, an
online risk management tool - BeazleySource offers training
for plan fiduciaries on ethical issues as well as articles and best
practices checklists on ERISA law issues and matters impacting
employee benefit plans.
- Superior claims
service - Many plan sponsors have never had a claim
involving their employee benefits and would not know how to handle
it. Beazley has a staff of claims professionals experienced
in benefits litigation who will work with top ERISA attorneys
across the country to resolve claims quickly.
Details
The Beazley fiduciary liability policy is
available to US employers, union plans and governmental
plans. Coverage is also available for qualified employee
stock ownership plans (“ESOPs”).
The policy offers comprehensive protection for
plan fiduciaries and sponsors and includes these key features:
- Omnibus pension and welfare plan
language
- Optional additional defense limit
- Sublimit for IRS and DOL voluntary compliance
programs
- 70/30 settlement clause
- Coverage for civil fines assessed under HIPAA
up to full policy limit
- Coverage for employees serving as
trustees of multi-employer plans at the employer’s
request
- Free access to BeazleySource, an online risk
management platform providing loss prevention on a variety of
topics related to employee benefits
We will pay these losses
Subject to the terms and conditions of the
actual policy we will pay claims for:
- Breach of fiduciary duty under ERISA
- Errors and omissions in the administration of
benefits
- Civil fines assessed under HIPAA
- Civil fines assessed under ERISA 502(i) and
(l)
Limits available
Limits available up to US $10,000,000
Target market
All US domiciled companies, union plans and
government plans
Key territories
US
Not all coverages or products described on
this website are available in all US jurisdictions. Some products
are available on an admitted basis in some but not all US
jurisdictions from Beazley’s US insurance company subsidiary, while
other products and coverages may be available in the US only on a
surplus lines basis through licensed surplus lines brokers doing
business with Beazley’s Lloyd’s of London syndicates.
The descriptions contained in these pages
are for preliminary informational purposes only. Coverages will
vary depending on individual state law requirements and may be
unavailable in some states. The exact coverage afforded by the
products described on this website is subject to and governed by
the terms and conditions of each policy issued. The
publication and delivery of the information contained herein is not
intended as a solicitation for the purchase of insurance on any US
risk.