Chartis Introduces Fiduciary Liability Insurance Edge for Plan Fiduciaries

Chartis has introduced Fiduciary Liability Insurance Edge, a new insurance solution developed by its Executive Liability Division to address the evolving fiduciary liability exposures facing companies, plans, executives and employees.

Fiduciary Liability Insurance Edge offers coverage for board members, executives and companies to protect them against highly complex Employee Retirement Income Security Act (ERISA) and employee benefits litigation in innovative ways. By extending coverage to company executives who are merely alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or “settlor” capacity, Fiduciary Liability Insurance Edge eliminates the potential that a successful defense could result in a business executive losing coverage.

Fiduciary Liability Insurance Edge offers the following:

• Flexible notice features for fact-finding government investigations and internal appeals of benefit denials
• Coverage for penalties under recently enacted health care reform regulations
• Expanded coverage relating to voluntary governmental compliance programs

“Economic developments, legislative agendas and recent court decisions have left fiduciaries more vulnerable than ever,” said Michael Smith, president of Executive Liability.

Source: Chartis