AXIS INSURANCE SERVICES, LLC: The Fiduciary Liability Specialists
Individuals who oversee a company’s pension, savings, profit-sharing, employee benefit, or health/welfare plans are liable to the beneficiaries of these plans for any breach of their fiduciary duties. A fiduciary can be a director, officer, employee or other retained person(s). Recent changes with the new fiduciary rule have create increased liability for companies and individuals at all levels.
In addition, recent lawsuits involving a spate of high-profile universities illustrate the types of exposures fiduciaries face: Retirement plan sponsors of each of the university’s plans are being sued by employees for failure to monitor excessive fees paid to administer the plans and for not replacing these more expensive, poor-performing investments with cheaper ones.
Fiduciary Liability insurance from Axis Insurance Services, LLC is designed to respond to these and other exposures faced by fiduciaries.
What’s Covered Under a Fiduciary Liability Policy?
Fiduciary Liability insurance helps provide financial protection of fiduciaries of employee benefit plans against legal liability arising out of their role as fiduciaries, including the cost of defending those claims that seek to establish such liability. Examples of claims typically covered by a Fiduciary Liability policy include:
- Conflicts of interest
- Irresponsible investments
- Failure to file required reports
- Negligent investment practices
- Failure to diversify investments
- Errors in determining benefit plan eligibility
- Unsuitable election of advisors or service providers
Axis Insurance Services, LLC understands the complexity involved in handling financial or medical benefits plans, and properly insuring your fiduciaries should reflect this. Our professional team specializes in the financial services sector and will provide you a competitively priced, top-quality insurance program.
