Fiduciary Liability

Fiduciary Liability Insurance provides protection from potential claims made against fiduciaries for the mismanagement of a benefit plan's assets or a breach of their fiduciary duties. A fiduciary is any person so named in a plan or any person who exercises any discretionary authority and control with respect to the management or administration of the plan or its assets. Such a lawsuit can prove extremely detrimental because according to the ERISA act of 1974 (Employee Retirement Income Security Act), fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of their alleged errors, omissions, or breach of their fiduciary duties. Important to note is that Employee Benefits Liability Insurance does not necessarily provide fiduciary liability coverage.

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