Trustees and fiduciaries are far more accountable for their actions when managing employee benefit plans than ever before. In today’s environment, they are governed by statutes that regulate the administration of benefit plans, as well as the laws generally applicable to trustees. Consequently, non-compliance can lead to personal liability for breach of responsibilities – risking a loss to their personal assets as well as those of the corporations they represent.
Summary of Coverage
The onerous duties of benefit plan auditors and actuaries who act in the best interests of beneficiaries have increased the chances of legal action against trustees and sponsor companies.
The scale of potential claims has risen dramatically, stemming from allegations such as:
- Breach of fiduciary responsibility imposed by local statutes
- Improper advice or disclosure
- Negligence in the administration of a plan
Tokio Marine HCC specialises in customising comprehensive fiduciary liability insurance programmes that protect the above entities from claims made against them. Our fiduciary liability insurance is designed to safeguard our clients from the possible risk of losing company and personal assets.
Our centralised and unified management structure promotes real-time interaction between our transnational teams of underwriting, claims and legal professionals. The fact that our assets are consolidated under “one roof” makes us institutionally quick: quick to respond; to provide intelligent advice, innovative solutions and efficient claims handling.