Many people spend their entire careers planning for retirement, dreaming of summers touring the country and winters on a beach. However, retirements saving plans are subject to the whims of the stock market. When the market shifts and they lose a portion of their future income, they look to their plan administrators for answers and, in some cases, compensation. As a result, professionals who administer benefit plans can be faced with costly litigation. Obtaining Fiduciary Liability Coverage is an important first step in ensuring that the professionals who direct benefit plans are protected from the financial fallout of litigation.
Burns & Wilcox, a leading provider in wholesale insurance, can arrange for Fiduciary Liability Coverage for your clients. Coupled with our extremely fast submission response time and low minimum premiums, Burns & Wilcox is one of the leading providers for wholesale insurance.
Coverage Details and Features
Policy Features for Multi-Employer Plans
- Coverage tailored to address unique risks associated with benefit plans for union workers
- Definition of loss to include payments to the IRS or U.S. Treasury pursuant to the EmployeePlans Compliance Resolution System (EPCRS), including the Self-Correction Program (SCP), the Voluntary Correction Program with IRS Approval (VCP), and the Audit Closing Agreement Program (Audit CAP)
- Full limits are available to address EPCRS exposures
- Coverage included for alleged violations of ERISA, HIPAA, and COBRA
- Insured includes trustees, administrators, and employees
- Coverage is available for third-party service providers
- Zero retentions are available for small to mid-sized plans
Policy Features for Corporations
- Liability limits up to $25 million
- Defense cost in addition to limit available
- Advancement of defense costs available
- Discovery option
- Broad definition of claims and loss
- Spousal coverage extension
- Worldwide coverage
- 90-day post policy claims reporting
At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.
Applications for this product may vary. Please click below to find the office nearest to you for assistance.Office Locations