Fiduciary Liability Insurance
|
|
- Jocelyn Hardy
- 5 years ago
- Views:
Transcription
1 14 th National Forum on ERISA Litigation March 1-2, 2017 Fiduciary Liability Insurance Alison L. Martin Fiduciary Product Manager Chubb Brian Smith Chief Operating Officer Segal Select Insuring Services Inc. Tweeting about this conference?
2 What is Fiduciary Liability Insurance An Insurance Policy Provides defense costs, and Pays damages Alleging a Wrongful Act A Breach of fiduciary duty, or An Administrative error All subject to a Claim against a Named Insured A Plan or Trust A Trustee(s) An Employee(s) Coverage is subject to other policy terms and conditions
3 Fiduciary Liability Insurance How broad is this insuring policy? Is Everyone Aware of its Scope?
4 Why Fiduciaries Need FLI ERISA imposes upon plan fiduciaries the highest duty of care known ERISA 409 imposes personal liability on fiduciaries Plans cannot Indemnify or relieve fiduciaries of liability Completely delegate away responsibility to providers Claims can be extremely expensive to defend and/or settle Other insurances may/will not apply
5 Why Fiduciaries Need FLI The #1 reason why Fiduciaries need FLI: Fiduciaries who don t have fiduciary liability insurance are placing their personal assets at risk
6 Distinguishing Other Insurances Type of Insurance Policy ERISA/Fidelity Bond Directors and Officers Insurance Commercial General Liability & Property Insurance Professional Liability Insurance Scope of Coverage 1 st Party Coverage Excludes ERISA liability EBL endorsement offers limited coverage Employers own sponsored plans not covered Employer Practices Liability Insurance Excludes ERISA liability
7 Who Does FLI Cover?
8 Who Does FLI Cover? The Organization (Sponsor/Employer) The Plan (enumerated in the declarations) Can be pension, health, welfare, etc. Not limited to ERISA plans Executives (Directors, Officers, General Counsel) of the Organization and the Plan Employees (but not independent contractors) Board of Trustees of any Plan or any committee established by the Plan (optional wording) Does NOT cover 3rd party service providers
9 Covered Conduct/Wrongful Acts Breaches of Fiduciary Duties: Imprudent investment Prohibited transactions Compliance with plan documents Benefit calculations in violation of Plan Reduction in benefits Administrative Errors Giving advice to employees, handling records, mishandling of routine administration Change in beneficiary Failure to enroll Document processing Settlor functions may be optional Creating, amending, or terminating a plan
10 Remedies FLI May Cover Defense Costs Insureds attorneys fees and expenses Damages Settlements or judgments Certain Fines & Penalties sublimits may apply 502(i) 5% for prohibited transaction 502(l) 20% for breach of duty 502(c)/507 notice issues % excise tax for prohibited transactions HIPAA Additional Miscellaneous fines & penalties sublimit Plaintiffs Attorneys Fee Award
11 Remedies FLI Doesn t Cover Taxes, fines & penalties not otherwise carved out (where insurable by law)* Benefits due Can be found in exclusions or definition of Loss Usually get defense costs only coverage Covered if payable by individual insureds Investment losses Failure to enroll Disgorgement/non-loss Profit, funding obligations, etc. *Some policies now offer a blanket miscellaneous fines & penalties sublimit
12 Common Coverage Issues Negating Your Own Coverage - Late Reporting Know the policy s notice provisions Know how to identify a Claim Raise awareness of the policy Who Picks Defense Counsel Duty to Defend, versus Reimbursement DOL Investigations Claims versus Pre-claim Pre-Tender Fees Consent to Settlement Third Party Providers
13 Dissecting claims
14 Identifying a Claim or Reportable Event Written demand for monetary or injunctive relief Civil proceeding or criminal proceeding DOL investigation against an Insured for a Wrongful Act* Formal investigation by Enforcement Unit (not DOL) Service of Subpoena on an Insured Person Written request to toll statute of limitations Pre-Claim Investigations* Benefit Denial Appeals Interviews* *Are these a Claim or a Covered Event? 14
15 Defense Provisions Duty to Defend Panel Counsel 100% Predetermined Allocation Expertise and rates Reimbursement Option Advancement of defense costs Allocation Defense within limits Litigation management guidelines 15
16 Market Innovations Settlor Conduct Pre-Claim Investigations Benefit Claim Denials Better Defense Counsel Options Broadening of Fines & Penalties Coverage Voluntary Settlement Programs Benefit Overpayments
17 Considerations When Purchasing FLI Carrier Financial Security Commitment Scope of Coverage Keeping up with the market Quality of Claims Administration Limits of Liability Premium
18 Dissecting Fiduciary Claims 18
19 What to Expect Broker engaged and proper notice tendered Acknowledgement/Coverage letters received Carrier works to get defense counsel in place Litigation Management Guidelines Fees Expectations regarding budget, communication frequency, etc. Carrier evaluates & works with counsel and insured on defense and resolution strategy Possible motions practice and/or settlement - must loop in carrier and inform in order to get consent
20 Lessons to be Learned* Know the Scope of Coverage offered by the FLI policy Report Claims on a timely basis Communicate with the claims adjustor Do not settle without the consent of the carrier * On large, massive or class actions type claims, these are self-evident. It is on the smaller claims that these issues can be most important.
21 Typical ERISA Claims Failure to Enroll Improper Advice on Eligibility Prohibited Transaction Imprudent Investment/Diversification Improper Benefit Calculation Reduction in Retiree Benefits Failure to Comply with Plan Documents Wrongful Termination False or misleading statements Actuarial Insolvency (DB Plans) Regulatory investigations
22 Failure to Enroll Following the birth of his child, an employee immediately submitted all necessary paperwork to add the child to his health coverage. Insured employer failed to submit the paperwork to its health carrier on a timely basis and the child was not insured. The child developed serious medical complications and the health insurer denied coverage for the bills. Fiduciary liability insurance settled the matter by paying over $350K to cover the medical bills plus plaintiffs attorneys fees, in addition to defense costs. 22
23 Service Provider Dishonesty The investment manager for a privately held company was skimming money off the top of employees retirement fund contributions. (He was also a relative of the company s plan administrator.) The DOL discovered the scheme and demanded that the company and investment manager make the plan whole (including paying lost investment income the funds would have earned.) The Insured employer settled with the DOL, contributing more than $2,000,000 towards the loss. Legal expenses topped $75,
24 Failure to Follow Employee Investment Instructions Employee who participated in his employer s 401(k) plan issued instructions to the plan administrators to revise his 401(k) investments to decrease his concentrations in an specific investment fund that was heavily concentrated in sub-prime lenders. The plan administrator did eventually execute the transfer, but did not do so in a timely fashion. In the interim, the bottom fell out of the sub-prime market and the subject employee suffered resultant investment losses of $150K and sued for breach of fiduciary duty. 24
25 Duped by a Fraudulent Fund The fiduciaries of a pension plan, seeking to shield themselves from liability for investment decisions, retained the services of a third party investment manager. The investment manager invested with a fund that turned out to be a Ponzi scheme. Plan participants sued the fiduciaries for negligently selecting and monitoring the investment manager. The participants and the fiduciaries sued the investment manager for negligently investing in the Ponzi scheme. The investment manager countersued the fiduciaries for negligence. Millions were incurred in defense costs and indemnity. Contemplate the results if the service provider were named as an additional insured on the fund s fiduciary insurance. 25
26 Creation of an Private ESOP Company founder sold his private company to a newly created ESOP for over $500M in a leveraged transaction. Recession hit and company value of declined. Participants allleged: stock price was overvalued; company was handicapped by leverage; interest rate on notes carried by founder were excessive; & deal called for unreasonable consulting contract with seller. Defense costs over $10M. Settled for millions in cash payment and debt forgiveness. 26
27 Questions Brian Smith Chief Operating Officer Segal Select Insuring Services Alison L. Martin Fiduciary Product Manager Chubb Insurance
28 Thank You This presentation is for informational purposes only. This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. The information provided should not be relied on as legal or insurance advice or a definitive statement of the law in any jurisdiction. For such advice, an applicant, insured, listener or reader should consult their own legal counsel or insurance consultant. Actual coverage is subject to the language of the policies as issued. Coverage may not be available in all jurisdictions. No liability is assumed by reason of the information contained herein.
Claims Scenarios. That Could Implicate Fiduciary Liability Coverage
Claims Scenarios That Could Implicate Fiduciary Liability Coverage Claims Scenarios That Could Implicate Fiduciary Liability Coverage Fiduciaries of all types of employee benefit plans are increasingly
More informationFIDUCIARY LIABILITY Risk review performed for: Date:
ForeFront Portfolio SM Risk Analyzer for Privately Held Companies FIDUCIARY LIABILITY Risk review performed for: Date: The Purpose of the Risk Analyzer When it comes to insuring your company, you can
More information[Carrier name] FIDUCIARY LIABILITY COVERAGE ENHANCEMENTS ENDORSEMENT (EP PORTFOLIO)
ENDORSEMENT/RIDER [Print Coverage Section description on Endorsements] Effective date of this endorsement/rider: [Transaction Effective Date] [Carrier name] Endorsement/Rider No. [Endorsement number that
More informationA. Administration means one or more of the following administrative duties or activities with respect to a Plan:
FIDUCIARY LIABILITY CLAUSE I. INSURING CLAUSES A. The Underwriters shall pay on behalf of the Insureds all Loss resulting from any Claim first made against any Insured and reported in writing
More informationFIDUCIARY LIABILITY SOLUTIONS Application for Insurance Renewal Business NOTICE. I. General Information
NOTICE THE POLICY YOU ARE APPLYING FOR APPLIES ONLY TO ANY CLAIM FIRST MADE DURING THE POLICY PERIOD AND REPORTED TO THE COMPANY DURING THE POLICY PERIOD OR REPORTED WITHIN ANY APPLICABLE EXTENDED REPORTING
More informationWhen it Hits the Fan: Fiduciary Liability Claims Trends
When it Hits the Fan: Fiduciary Liability Claims Trends Timothy Bowen Mesirow Insurance Services 1 Common Misconceptions Governmental plan trustees often have two dangerous misconceptions: That ERISA fiduciary
More informationFIDUCIARY LIABILITY COVERAGE PART
FIDUCIARY LIABILITY COVERAGE PART I. INSURING AGREEMENTS Fiduciary Liability The Insurer shall pay Loss on behalf of the Insureds resulting from a Fiduciary Claim first made against the Insureds during
More informationRISK MANAGEMENT 201 BEST PRACTICES IN FINANCIAL AND PROFESSIONAL LIABILITY CLAIMS MANAGEMENT. June 24, 2015
RISK MANAGEMENT 201 BEST PRACTICES IN FINANCIAL AND PROFESSIONAL LIABILITY CLAIMS MANAGEMENT June 24, 2015 BEST PRACTICES IN FINANCIAL AND PROFESSIONAL LIABILITY CLAIMS MANAGEMENT INTRODUCTIONS SUSAN FRIEDMAN
More informationFIDUCIARY LIABILITY COVERAGE PART
FIDUCIARY LIABILITY COVERAGE PART I. INSURING AGREEMENTS Fiduciary Liability The Insurer shall pay Loss on behalf of the Insureds resulting from a Fiduciary Claim first made against the Insureds during
More informationFORCEFIELD SM PRIVATE COMPANY MANAGEMENT LIABILITY PACKAGE POLICY Fiduciary Liability Coverage Section
ALLIED WORLD ASSURANCE COMPANY (U.S.) INC. FORCEFIELD SM PRIVATE COMPANY MANAGEMENT LIABILITY PACKAGE POLICY Fiduciary Liability Coverage Section In consideration of the payment of the premium and in reliance
More informationPrivate Company Loss Scenarios from Chubb
Life Insurance Benefit Dispute Type of organization Hotel Number of employees More than 150 More than $25 million A management-level employee of the ABC Hotel, earning a $50,000 annual salary, died in
More informationEVEREST NATIONAL INSURANCE COMPANY FIDUCIARY LIABILITY INSURING AGREEMENT SPECIMEN
EVEREST NATIONAL INSURANCE COMPANY EEO 40 614 (03 17) Policy Number: FIDUCIARY LIABILITY INSURING AGREEMENT In consideration of the premium paid and in reliance upon all statements made and information
More informationACE EXPRESS Not-For-Profit Health Care Protection Policy
ACE EXPRESS Not-For-Profit Health Care Protection Policy Fiduciary Liability In consideration of the payment of premium, in reliance on the Application and subject to the Declarations, and terms and conditions
More information[Carrier name] FIDUCIARY LIABILITY COVERAGE ENHANCEMENTS ENDORSEMENT (FOREFRONT PORTFOLIO 3.0 sm )
ENDORSEMENT/RIDER [Print Coverage Section description on Endorsements] Effective date of this endorsement/rider: [Transaction Effective Date] [Carrier name] Endorsement/Rider No. [Endorsement number that
More informationCoverage D002 V2 D002 V3 +/=/- Notes. Non-Profit Liability Insurance. Coverage D002 V2 D002 V3 +/=/- Notes
Wording Comparison Coverage D002 V2 D002 V3 +/=/- Notes Specialty Solutions Non-Profit Liability Insurance Coverage D002 V2 D002 V3 +/=/- Notes Insuring Agreements Insuring Agreements: A - Insured's Liability
More informationFIDUCIARY DEVELOPMENTS, PLAN FEES AND VENDOR SEARCHES. General Fiduciary Guidelines Regarding Fees. Controlling Law
FIDUCIARY DEVELOPMENTS, PLAN FEES AND VENDOR SEARCHES May 21, 2014 General Fiduciary Guidelines Regarding Fees Controlling Law ERISA imposes procedural and substantive duties on fiduciaries of employee
More informationUnderstanding your fiduciary responsibilities for retirement plans
Understanding your fiduciary responsibilities for retirement plans An overview of the fiduciary s role and frequently asked questions about it When you are a trustee or serve on an investment committee
More informationDIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace
DIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace ESOP MIDWEST REGIONAL CONFERENCE Bloomington, Minnesota September 11, 2015 TED BECKER Drinker
More informationYOU ARE AN ERISA FIDUCIARY, NOW WHAT?
YOU ARE AN ERISA FIDUCIARY, NOW WHAT? November 18, 2015 Rebecca E. Greene 414-298-8244 rgreene@reinhartlaw.com 1000 North Water Street, Suite 1700, Milwaukee, WI 53202 www.reinhartlaw.com Webinar Housekeeping
More informationFiduciary Policy Comparisons
Fiduciary Policy Comparisons Hartford Fiduciary Liability Coverage PE 00 H015 02 0507, Common Terms and Conditions June, 2008 Topic - DEFENSE AND SETTLEMENT Solely with respect to those Liability Coverage
More informationPrivate Investment Fund Liability Insurance Management and Professional Liability Coverage Part
I. Insuring agreements We will pay loss in excess of any applicable retention resulting from claims against you for a wrongful act as follows, provided the claim is first made against you and reported
More informationTHIS IS A CLAIMS MADE AND REPORTED POLICY. PLEASE READ IT CAREFULLY. (hereinafter referred to as the Insurer) Sample
NON-PROFIT ORGANIZATION FIDUCIARY LIABILITY DECLARATIONS COMPANY SYMBOL POLICY PREFIX & NUMBER Corporate Office 945 E. Paces Ferry Rd. Suite 1800 Atlanta, GA 30326 THIS IS A CLAIMS MADE AND REPORTED POLICY.
More informationPLF Claims Made Excess Plan
2019 PLF Claims Made Excess Plan TABLE OF CONTENTS INTRODUCTION... 1 SECTION I COVERAGE AGREEMENT... 1 A. Indemnity...1 B. Defense...1 C. Exhaustion of Limit...2 D. Coverage Territory...2 E. Basic Terms
More informationUnderstanding your fiduciary responsibilities for retirement plans
Understanding your fiduciary responsibilities for retirement plans An overview of the fiduciary s role and frequently asked questions about it What is a fiduciary? A fiduciary is a person or entity who:
More informationFiduciary Training: ERISA Duties & Obligations Seyfarth Shaw LLP
Fiduciary Training: ERISA Duties & Obligations Seyfarth Shaw LLP Seyfarth Shaw refers to Seyfarth Shaw LLP (an Illinois limited liability partnership). Why Do We Care? Fiduciary status creates litigation
More informationBest Practices in Fiduciary Liability
Best Practices in Fiduciary Liability Laverne Wingfield, Ullico Casualty Group James Martinez, Arthur J Gallagher Timothy Bowen, Mesirow Financial Fiduciary Liability Insurance Protect the board and the
More informationWhat Solo and Small Firms Need to Know about Malpractice Insurance
What Solo and Small Firms Need to Know about Malpractice Insurance Insurance Considerations 2 Greg Cooke Sales Manager USI Affinity Practice 360 - A Day for Lawyers & Law Firms May 6, 2016 2 Agenda 3 Where
More informationAIG Specialty Insurance Company
AIG Specialty Insurance Company A capital stock company DIRECTORS, OFFICERS AND NOT-FOR-PROFIT ORGANIZATION LIABILITY COVERAGE SECTION ONE ( D&O COVERAGE SECTION ) Notice: Pursuant to Clause 1 of the General
More informationSPECIMEN. D&O Elite SM Directors and Officers Liability Insurance. Chubb Group of Insurance Companies 15 Mountain View Road Warren, New Jersey 07059
Chubb Group of Insurance Companies 15 Mountain View Road Warren, New Jersey 07059 D&O Elite SM Directors and Officers Liability Insurance DECLARATIONS FEDERAL INSURANCE COMPANY A stock insurance company,
More informationMemorandum. Recommendation. Background/Discussion
DATE: January 25, 2017 TO: Members, Board of Retirement FROM: Brenda Shott, Assistant CEO-Finance and Internal Operations SUBJECT: FIDUCIARY INSURANCE POLICY Recommendation Authorize Staff to bind a one
More informationEMPLOYEE BENEFITS LIABILITY COVERAGE
POLICY NUMBER: COMMERCIAL GENERAL LIABILITY CG 04 35 12 07 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. EMPLOYEE BENEFITS LIABILITY COVERAGE THIS ENDORSEMENT PROVIDES CLAIMS-MADE COVERAGE.
More informationBest Practices for Retirement Plan Fiduciaries
Best Practices for Retirement Plan Fiduciaries Presented by: Christina Anstett Director, Advanced Markets, 401(k) AXA Equitable IU-84238 (4/13) AXA Equitable Life Insurance Company (NY, NY) Contact Information
More informationInsights for fiduciaries
Insights for fiduciaries Hiring an investment fiduciary issues and considerations for plan sponsors The Employee Retirement Income Security Act of 1974 ( ERISA ), the federal law that governs privately
More informationwwfi.com CA License #
CA License #0414108 2 What is Management Liability Insurance? Directors & Officers of public and privately-held companies operate in an extremely complex environment in which their personal assets are
More informationPENSION AND WELFARE BENEFIT PLAN FIDUCIARY LIABILITY COVERAGE PART
PENSION AND WELFARE BENEFIT PLAN FIDUCIARY LIABILITY COVERAGE PART THIS IS A CLAIMS MADE COVERAGE PART WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY.
More informationDirectors and Officers Liability Insurance
Directors and Officers Liability Insurance Challenges and Coverages Richard S. Pitts, IIAI General Counsel 8900 Keystone Crossing, Suite 800 Indianapolis, Indiana 46240 Phone: 317-554-8592 Fax: 317-554-8593
More informationThe DOL and ESOPs. Best Practices for a DOL Audit
The DOL and ESOPs Best Practices for a DOL Audit 61152401 1 Patti J. Hedgpeth, Esq. Shareholder Polsinelli 2950 N Harwood Street Suite 2100 Dallas, TX 75201 Phone: (214) 661-5556 Mobile: (214) 923-0251
More informationPUBLIC ENTITY PAK EMPLOYMENT PRACTICES LIABILITY COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. PUBLIC ENTITY PAK EMPLOYMENT PRACTICES LIABILITY COVERAGE This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL
More informationFIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT
FIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT Mid-Sized Retirement and Healthcare Plan Management Conference October 17, 2012 Sherwin Kaplan AGENDA Who is an ERISA Fiduciary? What are an ERISA Fiduciary
More informationFIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT. Mid-Sized Retirement and Healthcare Plan Management Conference September 12, 2012 Sherwin Kaplan
FIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT Mid-Sized Retirement and Healthcare Plan Management Conference September 12, 2012 Sherwin Kaplan AGENDA Who is an ERISA Fiduciary? What are an ERISA
More informationMANAGEMENT LIABILITY INSURANCE RENEWAL PROPOSAL FORM
MANAGEMENT LIABILITY INSURANCE RENEWAL PROPOSAL FORM CLAIMS MADE AND REPORTED WARNING FOR APPLICATION: This Proposal Form is for a Claims Made and Reported Policy, relating to claims made and reported
More informationTHIS IS A CLAIMS MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY.
Wrap SM Fiduciary Liability THIS IS A CLAIMS MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY. I. INSURING AGREEMENTS A. The Company shall pay on
More informationMorgan Stanley Smith Barney Fiduciary Audit File
Morgan Stanley Smith Barney Fiduciary Audit File Helping plan sponsors manage their responsibility smithbarney.com IN THIS GUIDE Introduction Documents Government Reporting Service-Provider Agreements
More informationLabor Management Trust Fiduciary Liability Policy
Labor Management Trust Fiduciary Liability Policy In consideration of the payment of the premium and subject to the Declarations, limitations, conditions, provisions and other terms of this policy, the
More informationERISA: THOU SHALL NOT PAY EXCESSIVE FEES! By: José M. Jara, Esq.
ERISA: THOU SHALL NOT PAY EXCESSIVE FEES! By: José M. Jara, Esq. Partner Employment, ERISA, and Employee Benefits Practice Group Leader About 12 years ago in 2006, there was a wave of class action lawsuits
More informationPROPOSAL FOR PRIVATE EQUITY PROFESSIONAL AND MANAGEMENT LIABILITY INSURANCE
U.S. SPECIALTY INSURANCE COMPANY HOUSTON CASUALTY COMPANY HCC SPECIALTY INSURANCE COMPANY 13403 Northwest Freeway Houston, Texas 77040 PROPOSAL FOR PRIVATE EQUITY PROFESSIONAL AND MANAGEMENT LIABILITY
More informationForeFront Portfolio SM For Not-for-Profit Organizations Directors & Officers. Insuring Clauses
In consideration of payment of the premium and subject to the Declarations, the General Terms and Conditions, and the limitations, conditions, provisions and other terms of this Coverage Section, the Company
More informationProtecting your ESOP Company from legal problems can be broken down into two main areas:
Presented by: Christopher McLean Kaufman & Canoles, P.C. McLean, VA Todd Denison Phelps Dunbar, Mobile, AL Protecting your ESOP Company from legal problems can be broken down into two main areas: Plan
More informationERISA FIDUCIARY BASICS AND BEST PRACTICES
Presents ERISA FIDUCIARY BASICS AND BEST PRACTICES November 5, 2015 Misty A. Leon mleon@wifilawgroup.com COMPLIANCE 101 General Roles and Responsibilities Who's Involved? Plan Administrator Responsibilities
More informationEMPLOYEE BENEFITS LIABILITY COVERAGE FORM
EMPLOYEE BENEFITS LIABILITY COVERAGE FORM THIS COVERAGE FORM PROVIDES CLAIMS-MADE COVERAGE. PLEASE READ THE ENTIRE FORM CAREFULLY. SECTION I EMPLOYEE BENEFITS LIABILITY COVERAGE 1. Insuring Agreement a.
More informationYOU ARE AN ERISA FIDUCIARY, NOW WHAT?
YOU ARE AN ERISA FIDUCIARY, NOW WHAT? November 16, 2016 Rebecca E. Greene 414-298-8244 rgreene@reinhartlaw.com 1000 North Water Street, Suite 1700, Milwaukee, WI 53202 www.reinhartlaw.com Rebecca E. Greene
More informationTHIS IS A CLAIMS MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY.
FIDUCIARY LIABILITY THIS IS A CLAIMS MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY. I. INSURING AGREEMENTS II. A. The Company will
More informationFiduciary Education. Jared Martin, CFP Vice President, Consultant. October 19, 2016
Fiduciary Education Jared Martin, CFP Vice President, Consultant October 19, 2016 FIDUCIARY EXPERTISE Professional certifications which include fiduciary standards: AICPA, AIFA, AIF, ASPPA, CFA, & CIMA
More informationDirectors & Officers Insurance 101
Directors & Officers Insurance 101 The outlines of coverage used throughout this presentation are not intended to express any legal opinion as to the nature of coverage. They are only intended to provide
More informationThe Intelligent Fiduciary: Common Problems You Can Avoid
The Intelligent Fiduciary: Common Problems You Can Avoid U.S. and Canadian Insights from: Carol Buckmann, Counsel, Osler New York Louise Greig, Partner, Osler Toronto November 5, 2014 www.pensionsbenefitslaw.com
More informationFRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION
FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION Donald C. Kendig, CPA, Retirement Administrator BOARD AGENDA LETTER DATE: June 7, 2017 TO: FROM: Board of Retirement Donald C. Kendig, CPA Retirement Administrator
More informationFiduciary Liability Insurance: Coverage that Protects YOU the Trustee Moderator: Ken Hauser, Policemen s Annuity & Benefit Fund of Chicago
Fiduciary Liability Insurance: Coverage that Protects YOU the Trustee Moderator: Ken Hauser, Policemen s Annuity & Benefit Fund of Chicago Panel: Tina Fletcher, Ullico Casualty Group Inc. Timothy Bowen,
More informationEMPLOYEE BENEFITS LIABILITY COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. EMPLOYEE BENEFITS LIABILITY COVERAGE THIS ENDORSEMENT PROVIDES CLAIMS-MADE AND REPORTED COVERAGE. PLEASE READ THE ENTIRE ENDORSEMENT CAREFULLY.
More informationCity County State Zip Code
FranchisePerils FranchisorSuite 800 Wilshire Blvd, Suite 1525, Los Angeles, CA 90017 Coverage Your Way RENEWAL APPLICATION CLAIMS MADE WARNING FOR APPLICATION THIS PROPOSAL FORM IS FOR A CLAIMS MADE AND
More informationGENERAL TERMS AND CONDITIONS
GENERAL TERMS AND CONDITIONS In consideration of the payment of the premium, and in reliance on all statements made and information furnished to the Insurer identified in the Declarations (hereinafter
More informationFiduciary Liability Insurance: Protection for Trustees of Public Pension Funds
Fiduciary Liability Insurance: Protection for Trustees of Public Pension Funds Timothy Bowen Mesirow Insurance Services William K. Cavanagh Ullico Inc. Moderator: Jerry J. Marzullo, Esq. - Puchalski Goodloe
More informationNEW BUSINESS APPLICATION (For Private Companies with up to 250 Employees)
NEW BUSINESS APPLICATION (For Private Companies with up to 250 Employees) BY COMPLETING THIS NEW BUSINESS APPLICATION THE APPLICANT IS APPLYING FOR COVERAGE WITH FEDERAL INSURANCE COMPANY (THE COMPANY
More informationDisability, Leave. jackson lewis Preventive Strategies and Positive Solutions for the Workplace ALL WE DO IS WORK
Disability, Leave Employee and Health Benefits Management jackson lewis Preventive Strategies and Positive Solutions for the Workplace ALL WE DO IS WORK jjackson Lewis provides comprehensive employee benefits
More informationMANAGED CARE ERRORS AND OMISSIONS COVERAGE ENDORSEMENT FIDUCIARY COVERAGE SECTION E1855MBG-0309
MANAGED CARE ERRORS AND OMISSIONS COVERAGE ENDORSEMENT FIDUCIARY COVERAGE SECTION E1855MBG-0309 In consideration of the premium charged, it is hereby understood and agreed that FIDUCIARY COVERAGE SECTION
More informationBROKEREDGE SM SECURITIES BROKERAGE EXECUTIVE AND PROFESSIONAL LIABILITY APPLICATION
Executive Risk Indemnity Inc. Home Office Wilmington, Delaware 19805-1297 Administrative Offices/Mailing Address: 82 Hopmeadow Street Simsbury, Connecticut 06070-7683 BROKEREDGE SM SECURITIES BROKERAGE
More informationBenefit Plan Liability Policy
Benefit Plan Liability Policy Pension Scheme insurance policy registered number 1112892 registered in England & Wales with registered office at 100 Leadenhall Street, London EC3A 3BP. Authorised by the
More informationTHIS IS A CLAIMS-MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY.
BROAD FORM PLUS+ DIRECTORS AND OFFICERS LIABILITY COVERAGE THIS IS A CLAIMS-MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ ALL TERMS CAREFULLY. CONSIDERATION CLAUSE
More informationAMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY 175 Water Street Group, Inc. New York, NY 10038
AIG COMPANIES AIG MERGERS & ACQUISITIONS INSURANCE GROUP SELLER-SIDE R&W TEMPLATE AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE COMPANY 175 Water Street Group, Inc. New York, NY 10038 A Member Company
More informationCommunity Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors
Community Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors March 1, 2017 Michele Berman Golkow golkow@ballardspahr.com 215.864.8403 Retirement
More informationPower Source SM New Business Application (for private companies with up to 250 employees)
BY COMPLETING THIS APPLICATION YOU ARE APPLYING FOR COVERAGE WITH EXECUTIVE RISK INDEMNITY INC. (THE COMPANY ) NOTICE: THE LIABILITY COVERAGE SECTIONS OF POWER SOURCE SM PROVIDE CLAIMS MADE COVERAGE, WHICH
More informationD&O Insurance - Not for Profit
Why do we need D&O Insurance? Nonprofit organizations, their directors and officers, committee members, trustees, employees and volunteers can be sued for a long list of issues including breaches of fiduciary
More informationAmiad Water Systems Ltd. Indemnification and Exemption Agreement
Amiad Water Systems Ltd. Indemnification and Exemption Agreement This Indemnification and Exemption Agreement entered into on the 11 day of March, 2018 by and between Amiad Water Systems Ltd., an Israeli
More informationPRIVATE CHOICE PREMIER SM POLICY for COMMUNITY BANKS
PRIVATE CHOICE PREMIER SM POLICY for COMMUNITY BANKS DIRECTORS, OFFICERS AND ENTITY LIABILITY COVERAGE PART I. INSURING AGREEMENTS Insured Person Liability The Insurer shall pay Loss on behalf of the Insured
More informationTHIRD PARTY ADMINISTRATORS PROFESSIONAL LIABILITY APPLICATION
_,U.S. Risk Underwriters, Inc. 'llp ACCESS THE EXPERTS Dallas, TX Fax: 214-265-4932 Email: dalprosub@usrisk.com Scottsdale, AZ Fax: 480.922.4442 Email: arzsubpro@usrisk.com THIRD PARTY ADMINISTRATORS PROFESSIONAL
More informationCOMBINED APPLICATION FOR DIRECTORS & OFFICERS LIABILITY BANKERS PROFESSIONAL LIABILITY -- EMPLOYMENT PRACTICES LIABILITY -- FIDUCIARY LIABILITY
COMBINED APPLICATION FOR DIRECTORS & OFFICERS LIABILITY BANKERS PROFESSIONAL LIABILITY -- EMPLOYMENT PRACTICES LIABILITY -- FIDUCIARY LIABILITY NOTICE: THE POLICY WHICH YOU ARE APPLYING IS A CLAIMS-MADE
More informationPRIVATE COMPANY MANAGEMENT LIABILITY APPLICATION
PRIVATE COMPANY MANAGEMENT LIABILITY APPLICATION NOTICE: THIS IS A CLAIMS MADE AND REPORTED POLICY THAT APPLIES ONLY TO THOSE CLAIMS FIRST MADE AGAINST THE INSURED DURING THE POLICY PERIOD AND REPORTED
More informationB. EMPLOYMENT PRACTICES INFORMATION
Chubb Group of Insurance Companies 15 Mountain View Road, Warren, New Jersey 07059 APPLICATION FOREFRONT BY CHUBB FOR BANKS UNDERWRITTEN IN FEDERAL INSURANCE COMPANY OR VIGILANT INSURANCE COMPANY FOREFRONT
More informationPROPOSAL FOR GENERAL PARTNERS LIABILITY INSURANCE INCLUDING PARTNERSHIP REIMBURSEMENT
U.S. SPECIALTY INSURANCE COMPANY HOUSTON CASUALTY COMPANY 13403 Northwest Freeway Houston, Texas 77040 PROPOSAL FOR GENERAL PARTNERS LIABILITY INSURANCE INCLUDING PARTNERSHIP REIMBURSEMENT NOTICE: THIS
More informationBEAZLEY ONE MANAGEMENT LIABILITY INSURANCE POLICY APPLICATION
BEAZLEY ONE MANAGEMENT LIABILITY INSURANCE POLICY APPLICATION NOTICE: THE POLICY FOR WHICH THIS APPLICATION IS MADE IS A CLAIMS MADE AND REPORTED POLICY SUBJECT TO ITS TERMS. THIS POLICY APPLIES ONLY TO
More informationWhen Trouble Knocks, Will Directors and Officers Policies Answer?
When Trouble Knocks, Will Directors and Officers Policies Answer? Michael John Miguel Morgan Lewis & Bockius LLP Los Angeles, California The limit of liability theory lies within the imagination of the
More informationEvanston Insurance Company Markel American Insurance Company Markel Insurance Company
Evanston Insurance Company Markel American Insurance Company Markel Insurance Company NOT FOR PROFIT MANAGEMENT LIABILITY NEW BUSINESS APPLICATION BY COMPLETING THIS APPLICATION THE APPLICANT IS APPLYING
More informationFiduciary Duty 201 The next step in understanding fiduciary duty
Fiduciary Duty 201 The next step in understanding fiduciary duty September 13, 2013 Jeanna M. Cullins, Partner Fiduciary Duty Refresher The Basics General Trust Principles Fiduciary law stems from the
More informationTop Ten Things You Should Know About Employee Benefits
Top Ten Things You Should Know About Employee Benefits AIDS Legal Referral Panel April 19, 2018 MCLE Training Kirsten Scott Renaker Hasselman Scott, LLP 235 Montgomery Street, Suite 944 San Francisco,
More informationAPPLICATION FOR EMPLOYEE BENEFIT PLAN FIDUCIARY LIABILITY INSURANCE
Name of Insurance Company to which application is made APPLICATION FOR EMPLOYEE BENEFIT PLAN FIDUCIARY LIABILITY INSURANCE NOTICE: THE POLICY FOR WHICH APPLICATION IS MADE APPLIES, SUBJECT TO ITS TERMS,
More informationStreet Address. City County State Zip Code
FranchisePerils 800 Wilshire Boulevard, Suite 1525, Los Angeles, CA 90017 FranchisorSuite Coverage Your Way CLAIMS MADE WARNING FOR APPLICATION THIS PROPOSAL FORM IS FOR A CLAIMS MADE AND REPORTED POLICY,
More informationBusiness Organization: For Profit Corporation Partnership Limited Liability Corporation
Beazley Remedy Renewal Management Liability Application THE APPLICABLE LIMITS OF LIABILITY AND ARE SUBJECT TO THE RETENTIONS. PLEASE READ THIS POLICY CAREFULLY. Please fully answer all questions and submit
More informationAmerican International Companies. Employee Benefit Plan Fiduciary Liability Insurance Application
American International Companies Employee Benefit Plan Fiduciary Liability Insurance Application Name of Insurance Company To Which Application Is Made (herein called the "Insurer") NOTICE: THE POLICY
More informationThe Non Profit Wrap New Business Application
The Non Profit Wrap New Business Application Application for All Coverage Parts NOTICE: THE WRAP LIABILITY COVERAGE PARTS FOR WHICH APPLICATION IS MADE APPLY, SUBJECT TO THEIR RESPECTIVE TERMS, ONLY TO
More informationERISA Litigation. ERISA Statute Fundamentals. What is ERISA, and where is the ERISA statute located? What is an ERISA plan?
ERISA Litigation Our expert attorneys have substantial experience representing third-party administrators, insurers, plans, plan sponsors, and employers in an array of ERISA litigation and benefits-related
More informationEmployed Lawyers Liability Coverage Part
Employed Lawyers Liability Coverage Part In consideration of the payment of the premium and subject to all terms, conditions and limitations of this Coverage Part and the General Terms and Conditions for
More informationQ UPDATE EXECUTIVE RISK SOLUTIONS CASES OF INTEREST D&O FILINGS, SETTLEMENTS AND OTHER DEVELOPMENTS
EXECUTIVE RISK SOLUTIONS Q1 2018 UPDATE CASES OF INTEREST U.S. SUPREME COURT FINDS STATE COURTS RETAIN JURISDICTION OVER 1933 ACT CLAIMS STATUTORY DAMAGES FOR VIOLATION OF TCPA FOUND TO BE PENALTIES AND
More informationFIDUCIARY LIABILITY INSURANCE FOR GOVERNMENTAL PLANS NEW BUSINESS APPLICATION
SOLIDARITY PROTECTION GROUP a voluntary membership organization operating pursuant to the Liability Risk Retention Act of 1986 and whose principal office is: 4323 Warren Street, NW, Washington, DC 20016-2437
More informationA. GENERAL INFORMATION
Chubb Group of Insurance Companies 15 Mountain View Road, Warren, New Jersey 07059 APPLICATION FOREFRONT BY CHUBB FOR INVESTMENT ADVISERS UNDERWRITTEN IN FEDERAL INSURANCE COMPANY OR VIGILANT INSURANCE
More informationPower Source SM New Business Application (for private companies with more than 250 employees)
BY COMPLETING THIS APPLICATION YOU ARE APPLYING FOR COVERAGE WITH EXECUTIVE RISK INDEMNITY INC. (THE COMPANY ) NOTICE: THE LIABILITY COVERAGE SECTIONS OF POWER SOURCE SM PROVIDE CLAIMS MADE COVERAGE, WHICH
More informationUnderstanding Fiduciary Responsibility in 401(k) Plans
Understanding Fiduciary Responsibility in 401(k) Plans Securities offered through OneAmerica Securities, Inc., member FINRA, SIPC, 433 N. Capitol Ave., Indianapolis, IN 46204, 1-877-285-3863. OneAmerica
More informationCharities - Professional and legal liability Policy wording
The General terms and conditions and the following terms and conditions all apply to this section. Special definitions for this section Claim Crisis containment costs Defence costs Employee Employment
More informationUnderstanding Fiduciary Responsibility
Understanding Fiduciary Responsibility Presented By: Christina L. Anstett, J.D. October 23, 2012 Agenda Compliance Framework for Employee Benefit Plans What/Who is a Fiduciary? Basic Fiduciary Duties Delegation
More informationYour JATC Doesn t Have Coverage For That Claim!
Insights on recent legal developments and trends affecting Joint Apprenticeship Training Programs Volume 2015-2, July In This Issue Your JATC Doesn t Have Coverage For That Claim! Financial Literacy for
More informationTHIS IS AN APPLICATION FOR A CLAIMS MADE POLICY
THIS IS AN APPLICATION FOR A CLAIMS MADE POLICY Travelers SelectOne SM for Investment Advisers and Funds Application IMPORTANT NOTE: THE POLICY FOR WHICH APPLICATION IS MADE, IF ISSUED, WILL BE ON A CLAIMS
More informationProcess & Decision Making of the ESOP Administration Committee
Process & Decision Making of the ESOP Administration Committee The ESOP Association Las Vegas Conference & Tradeshow November 10-11, 2016 Todd L. Denison Phelps Dunbar, LLP Todd.denison@phelps.com www.phelpsdunbar.com
More information