What is fiduciary liability coverage?
Fiduciary liability coverage is protection for ERISA-defined fiduciaries against losses resulting from breach of responsibilities including acts, errors or omissions in administration.
Why do I need fiduciary liability coverage?
The Employee Retirement Income Security Act (ERISA) requires that anyone who exercises discretionary control over a pension or retirement plan protect the plan's assets by acting solely in the interest of its participants. In other words, if an employee believes that the plan's administrator has not been acting to the best of his abilities, the employee may sue the administrator. If found guilty of plan mismanagement, the administrator is left open to great personal financial loss.
And it is not just the administrator who is at risk. The plan sponsor or anyone who makes administrative decisions regarding the plan can be held liable.
What we offer.
Schinnerer's fiduciary coverage is designed to protect ERISA-defined fiduciaries from loss that may occur in administrating or managing employee benefit and pension plans. Plan mismanagement, faulty advice and negligent errors or omissions are the most common ERISA claims violations. Schinnerer offers fiduciary coverage for several industries: