Fiduciary liability insurance is an important, though rarely used, coverage in your bank insurance program.
Claims are infrequent. When they do happen, hang on to your hat.
Fiduciary liability insurance protects the administrators of your employee benefit plan from lawsuits alleging a violation of ERISA.
ERISA calls your administrators fiduciaries, and they are personally liable for mistakes they make. Essentially your HR folks and other decision-makers have pledged their homes and savings accounts that they will be faithful.
Be sure to thank them next time you pass them in the hall.
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