Fiduciary

 

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.

 

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

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.