In a time of increasing uncertainty for benefits plan fiduciaries, greater focus on the terms and conditions of fiduciary liability insurance policies is of paramount importance, a brokerage expert believes.
“Maximizing contract certainty is a hallmark of what we strive to do,” said Paul Slamar, managing director and fiduciary liability insurance product leader for Aon Financial Services Group in Chicago, explaining that provisions of fiduciary liability policies have generally not gotten the same high level of buyer scrutiny that directors and officers liability policy provisions have received in recent years.
Fiduciary liability insurance–often written by the same insurers that participate in the D&O market–covers employee benefit plan fiduciaries (those who exercise control over the management or administration of pension, health and other employer plans) for breaches of their fiduciary duties and any errors they make.
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