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Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
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Many digital-savvy consumers look for it as a core or add-on option.
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Fiduciary Liability Insurance for Multiemployer & Public Sector Benefit Plans
Protecting trustees and employees of multiemployer plans
Trustees of health, welfare, defined contribution, pension, and other benefit plans hold a significant and often complex role in managing these plans. The Employee Retirement Income Security Act of 1974 (ERISA) imposes extraordinary responsibilities on trustees of multiemployer plans. While governmental plans are not subject to ERISA, trustees of these plans must also be vigilant as state laws governing their conduct can be equally stringent. Fiduciary coverage for trustees of both ERISA plans and Non-ERISA plans is paramount due to the personal liability they face.
As a provider of specialized fiduciary liability insurance, Chubb developed the Multiemployer Plan Fiduciary Liability Policy to offer critical protection to multiemployer plans and their trustees and employees. The policy can also be tailored for Public Sector Plans to address their unique exposures as well.
Contact a Chubb Underwriter for further information.
Chubb offers specialized fiduciary liability insurance that can be customized to fit the unique needs of our insured plans.
Multiemployer Plan Fiduciary Liability Policy
- Streamlined coverage with Insuring Clauses for Fiduciary Liability, Voluntary Compliance, and Interview Coverage
- Definition of Wrongful acts includes acts, errors, or omissions in an Insured’s settlor capacity with respect to establishing, amending, terminating, funding, merging, or consolidating plans, in addition to breach of duty imposed by ERISA upon fiduciaries and errors in plan administration
- Definition of Claim includes:
- Pre-Claim Investigations (Insured’s option to report)
- Benefit Claim Denials (Insured’s option to report)
- Regulatory proceedings against an Insured Persons by an Enforcement Unit (SEC, DOJ, HHS)
- Subpoena requests made upon Insured Persons
- Definition of Loss includes:
- Civil penalties, where insurable by law:
- Health Insurance Portability and Accountability Act
- Health Information Technology for Economic and Clinical Health Act
- Patient Protection and Affordable Care Act
- Employee Retirement Income Security Act Section 502(c)
- Section 4975 of the Internal Revenue Code
- Section 203 of the Bipartisan Budget Act
- Compensatory damages
- Punitive, exemplary, and multiplied damages, where insurable by law
- Claimant attorney fees awarded by a court pursuant to Section 502(g) of ERISA
- Pre-judgment and post-judgment interest
- Reasonable fees and expenses of an independent fiduciary retained to review a proposed settlement of a covered claim
- Civil penalties, where insurable by law:
- Duty to Defend policy includes built-in flexibility for Insured to select defense counsel on a majority of claims
- No Hammer Clause
- Non-cancellable by the Insurer (except for failure to pay premium)
- Non-rescindable
- Enhanced claim reporting
- Other enhancements may be available by endorsement
Labor Management Trust Fiduciary Liability Policy
- Coverage enhancements noted above as well as other enhancements may be available by endorsement on the Labor Management Trust Fiduciary Liability Policy Form 14-02-2265 (Ed. 3/97)
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What do fiduciaries need to know to support and enhance loss prevention efforts?
What does the Chubb Multiemployer Plan Fiduciary Liability Policy cover?
Are trustees targets for claims alleging fiduciary breach or failure?
What does fiduciary liability insurance cover for multiemployer plans?
Refer to this Brochure if the insured is written on the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)
Are trustees a target for claims alleging a fiduciary duty breach or failure to properly administer a public sector benefit plan?
Refer to this Brochure if the insured is written on the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)
Applications
Use this Application if the insured is written on the new Multiemployer Plan Fiduciary Liability Policy (Form PF-52560)
Use this Application if you are still using the Labor Management Trust Fiduciary Liability Policy (Form 14-02-2265)