Fiduciary

Economic uncertainty increases risks imposed upon administrators of retirement and benefit plans. Starr’s Resolute Portfolio for Fiduciary Liability provides broad protection for alleged mistakes in the administration of company sponsored plans.

Economic uncertainty increases risks imposed upon administrators of retirement and benefit plans. Starr’s Resolute Portfolio for Fiduciary Liability provides broad protection for alleged mistakes in the administration of company sponsored plans. It safeguards individuals acting as a plan’s fiduciary or administrator and protects their personal assets and the sponsor organization.

Coverage is provided for HIPAA, newly acquired plans (subject to an asset threshold), and merged or terminated plans. Starr’s Fiduciary Liability can be customized to meet your specific exposures including coverage for Employee Stock Ownership Plans and Voluntary Compliance Programs.

Coverage Highlights:

  • Broad definition of Plan
  • Broad Definition of Claim
  • HIPAA coverage included; $0 retention
  • Voluntary Compliance Programs coverage available; $0 Retention
  • Non-rescindable coverage for Non-Indemnifiable Loss
  • Coverage for civil penalties under 502 (i) and 502 (l) of ERISA and civil fines and penalties imposed by U.K.
  • ESOP coverage available by endorsement
  • Order of Payments provision
  • Automatic  coverage for new and acquired Plans, subject to asset threshold
  • Automatic coverage for merged, sold, spun off or terminated Plans
  • Punitive Damage Coverage, most favorable venue language