Victor O. Schinnerer & Company’s Not-for-Profit D&O Program has added another coverage line to its portfolio: stand-alone fiduciary coverage.
The policy offers fiduciary liability coverage for any employee acting as a fiduciary on behalf of the organization: directors, officers and the entity itself as well as other employees such as human resources personnel. Coverage is available in all states except Arkansas, California, Louisiana, Minnesota, Nebraska, Texas and Wyoming.
“As litigation concerning benefit plans gets more attention, more not-for-profits are realizing that they have fiduciary risks as a result of managing their employee benefit plans,” said Lori Kee, vice president of Schinnerer’s Not-for-Profit D&O program. “Like their for-profit counterparts, not-for-profits are vulnerable to ERISA lawsuits.”
Target markets for fiduciary and D&O coverage include not-for-profits such as: agricultural cooperatives, alumni associations, civic organizations, clubs, community groups, cultural centers, foundations & charities, golf & country clubs, museums & historical societies, rural water authorities, social service providers without childcare operations and trade and professional associations.
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