Chartis has introduced enhancements to its fiduciary liability product for private companies, nonprofits and financial institutions.
The company’s Fiduciary Liability Edge endorsement will provide coverage to address the rapidly expanding exposures facing employee benefit plan sponsors and their directors, officers and employees.
The new endorsement offers coverage for executives who are alleged to have acted as plan fiduciaries, but are later ruled as acting only in a business or “settlor” capacity.
It also offers flexible notice and reporting provisions for fact-finding government investigations and internal appeals of benefit denials, as well as providing broadened coverage for penalties, including those recently passed under health care reform law.
“New regulations, recent court decisions and a struggling economy have left plan fiduciaries more susceptible to liability than ever,” said Rhonda Prussack, executive vice president and product manager of fiduciary liability insurance at Chartis.
The New York-based Chartis provides property/casualty and general insurance for more than 70 million clients around the world.