The regulatory and litigation environment for employers offering employee benefit plans and programs continues to evolve. Increased compliance enforcement, plaintiffs testing the boundaries of legal precedents, and court decisions expanding liability are putting fiduciaries' personal assets at greater risk. Zurich's fiduciary liability insurance form provides coverage for directors, officers and others with fiduciary duties for public and private companies who may become targets of allegations and investigations while managing or administrating employee savings, pension, and health and welfare plans.
Coverage highlights include:
- Duty to defend coverage with the insureds’ choice of counsel
- Worldwide coverage
- Non-cancellable except for non-payment of premium
- Broad definition of insurance – providing coverage for pension and welfare plans, the sponsor company and all insured persons including employees, fiduciaries and volunteers