This coverage is generally designed to protect fiduciaries— individuals or firms that are responsible for managing the assets of others. This encompasses those who administer retirement plans, pension funds, 401 (k), other employee benefits, and trusts.

If the fiduciaries are sued by plan holders, retirees, or other participants, the coverage generally pays the costs of settlements or judgments, as well as the defense costs, up to the policy limits.

The duties of fiduciaries are governed by ERISA and other regulations. Common causes of action include: Misuse of funds, Imprudent or improper investment decisions, Denial or change in benefits and Administrative error.

PRS can be especially helpful in tailoring coverage for specific entities or the plans involved, and in securing coverage for firms or individuals who may have some loss history.


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