Fiduciary Liability policies are claims-made policies that have a retroactive date. Make sure the retroactive date is appropriate for your situation. A trusted insurance advisor can help you out with that determination!
Customer
- Church employee benefit plan managers
Coverage
- Legal expenses of defending the claim
- Financial losses the plan may incur
- Certain fines and penalties
- Personal liability for fiduciaries
Cost Factors
- Number of employees
- Amount of funds invested in benefit plan
- Deductible
Claim Examples
- Failure to enroll
- Improper advice on eligibility
- Imprudent investment
- Improper benefit calculation
- Wrongful termination
- Reduction in retiree benefits
- Failure to adequately fund a plan
Fiduciary Liability insurance helps protect churches from claims of mismanagement and the legal liability related to serving as a fiduciary. If your church sponsors a retirement or health plan for employees, and if you are involved in any way with the management of that plan, you are likely considered a fiduciary.
