Protection against the legal liability arising from claims relating to negligence in the oversight or management of others’ money or assets that are under the control of the insured.
Fiduciaries handle management or selection of retirement plans, health plans, life insurance and disability plans, and other employee benefits. There has been a spike in the severity and frequency of fiduciary claims over the past several years. In fact, plan fiduciaries today now surpass the medical profession as a most wanted target for litigation.
PL Risk Advisors can provide you with access to Fiduciary Liability insurance, which protects the insured against allegations that the fiduciary – the money or benefits handler – has breached their duty. The accusation can focus on an error or negligence in administering a plan, including but not necessarily limited to misinterpretation of plan documents, providing imprudent investment options to plan participants, misrepresenting investments, mishandling enrollment paperwork and giving bad advice or faulty instructions to participants.
For more information on Fiduciary Liability Insurance, please fill out this form. We look forward to working with you.