Fiduciary
About Fiduciary Insurance
Fiduciary insurance applies to pension, savings, profit-sharing, employee benefit, and health/welfare plans. The insurance is designed to respond to allegations that an organization and/or its officials have breached their fiduciary duties. Unfortunately, errors and mistakes for these plans happen more frequently than desired. Employers are being held accountable for the benefit options they offer to employees.
Lawsuits against a privately owned company, its fiduciaries, and its plans can be brought by a host of parties, including:
- Employees
- Government
- The Department of Labor and The Pension Benefit Guarantee Corporation
Fiduciary liability claims can involve a broad range of allegations, such as:
- Denial or change of
- Administrative error
- Improper advice or
- Wrongful termination of a plan
- Failure to adequately fund a plan
- Conflict of interest
- Lack of investment diversity
- Imprudent choice of insurance company, mutual fund, or third-party service provider.
This type of insurance can be tricky, which is why we suggest talking to a Hardenbergh representative about your policy and how we can help your business.
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