What is Fiduciary Liability Insurance?
AIG designed its Fiduciary Liability coverage specifically for directors, officers, fiduciaries, administrators, employees, and employers who are alleged to have breached their fiduciary duty or mismanaged employee retirement and benefit plans.
Why does your organization need AIG Fiduciary Liability Insurance Edge coverage?
- A benefit plan committee is alleged to have inadequately monitored service providers resulting in claims for poor performance
- A pension plan administrator made an administrative error when completing pension documents
- A pension plan fiduciary is alleged to have breached its fiduciary duty by not complying with government pension legislation and regulations
What does AIG Fiduciary Liability Insurance Edge cover?
From coverage for fines and penalties for violating employment standards, to coverages for fees related to complying with required plan corrections, AIG’s comprehensive Fiduciary Liability Insurance Edge helps cover:
- Fines and Penalties - Generous penalty coverage and protection when a plaintiff alleges violation of any applicable provincial employment standards legislation
- Voluntary Compliance - Covers fines, penalties, sanctions, fees, and expenses related to corrections of a plan voluntarily made to comply with a governmental voluntary compliance program
- Vicarious Liability of Third Parties - Covers liability of the company or plan for acts of third-party employees for whom the company is vicariously liable
- Independent Review of Settlement - Covers fees of an independent fiduciary and the lawyer retained to review proposed settlement of a covered claim
The AIG Advantage
- Triggers of Coverage - Broad and early triggers
- No hammer clause or pollution exclusion
- Indemnification Uncertainty Eliminated - Early advancement of loss within the retention where the company and plan fail to indemnify insured persons for any reason
- Settlor Capacity - Eliminates the gap between directors’ and officers’ insurance and fiduciary insurance
- Disproven Allegation Protection
- Non-Rescindable Side A
- Full Severability - Includes full severability of all exclusions for all insureds
- Foreign Jurisdictions - Ensures that the most favourable terms and conditions from local AIG policies are applied to claims in foreign jurisdictions
- Provides world-class multinational expertise, solutions, and service while delivering a seamless, globally consistent client experience across one of the industry’s largest global networks of 215+ jurisdictions