| KANE Insurance Brokerage Services, LLC |
ERISA Bond / Fiduciary Liability Insurance
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Copyright Kane Insurance Brokerage Services, LLC - All Rights Reserved 2007 / PRIVACY
Fiduciary Liability Insurance pays, on behalf of the insured, the legal liability arising from
claims for alleged failure to prudently act within the meaning of the Pension Reform Act of
1974. “Insured” is variously defined as a trust or employee benefit plan, any trustee,
officer or employee of the trust or employee benefit plan, employer who is sole sponsor
of a plan and any other individual or organization designated as a fiduciary. Group life
and medical expense plans, as well as pension and retirement plans, are within the
scope of the law. Two other types of coverage are related to fiduciary liability insurance.:
Fidelity bonds are required by law (ERISA bonding) - This is an insurance for dishonesty
situations. When dishonest administrators or trustees have financially harmed an
employee benefit plan, these bonds may be used, but only for the benefit of the plan and
the plan's beneficiaries. This bonding insurance will not protect the trustees themselves
from liability claims and is completely distinct from fiduciary liability insurance.
Fiduciary / Employee Benefit Liability Insurance - These policies cover many claims
arising out of errors or omissions in the administration of a benefit plan, including the
failure to enroll an employee in the plan as well as the administration of improper advice
as to benefits. Employee benefits liability coverage often is combined with fiduciary
liability insurance policies, subject to the single limit. This is a distinct disadvantage
because fiduciary liability presents an exposure that is infrequent but severe. The
purpose for purchasing a fiduciary liability insurance policy, therefore, can be wiped out
with frequent employee benefits liability claims.
Call 631-259-6157 with questions or send a completed copy of the respective
applications above to kane_michaelk@kibservices.com or by fax 631-204-6630 to begin
marketing a proper and cost efficient ERISA Bonding and / or Fiduciary Liability Insurance
program for your business.
claims for alleged failure to prudently act within the meaning of the Pension Reform Act of
1974. “Insured” is variously defined as a trust or employee benefit plan, any trustee,
officer or employee of the trust or employee benefit plan, employer who is sole sponsor
of a plan and any other individual or organization designated as a fiduciary. Group life
and medical expense plans, as well as pension and retirement plans, are within the
scope of the law. Two other types of coverage are related to fiduciary liability insurance.:
Fidelity bonds are required by law (ERISA bonding) - This is an insurance for dishonesty
situations. When dishonest administrators or trustees have financially harmed an
employee benefit plan, these bonds may be used, but only for the benefit of the plan and
the plan's beneficiaries. This bonding insurance will not protect the trustees themselves
from liability claims and is completely distinct from fiduciary liability insurance.
Fiduciary / Employee Benefit Liability Insurance - These policies cover many claims
arising out of errors or omissions in the administration of a benefit plan, including the
failure to enroll an employee in the plan as well as the administration of improper advice
as to benefits. Employee benefits liability coverage often is combined with fiduciary
liability insurance policies, subject to the single limit. This is a distinct disadvantage
because fiduciary liability presents an exposure that is infrequent but severe. The
purpose for purchasing a fiduciary liability insurance policy, therefore, can be wiped out
with frequent employee benefits liability claims.
Call 631-259-6157 with questions or send a completed copy of the respective
applications above to kane_michaelk@kibservices.com or by fax 631-204-6630 to begin
marketing a proper and cost efficient ERISA Bonding and / or Fiduciary Liability Insurance
program for your business.
We are a Socially, Environmentally and Physically Conscience Company
New York, NY Westhampton Beach, NY
212-784-6199 631-259-6157
212-784-6199 631-259-6157