Arch Insurance Group, a member of Arch Capital Group Ltd., has made enhancements to its fiduciary coverage. As the management of employee benefit plans reportedly receives greater scrutiny than ever before and fiduciary liability claims balloon in both frequency and severity, companies need to reportedly examine their exposures and ensure that they are sufficiently protected.
The most common claims against fiduciaries involve issues such as:
- Improper advice
- Inappropriate selection of advisors or service providers
- Imprudent investments
- Breach of fiduciary duties imposed by ERISA
- Conflict of interest with regard to investments
- Negligence in the administration of a plan
Arch Insurance Group has enhanced its fiduciary liability coverage to help companies achieve the right level of protection. Key coverage features include:
- Duty to defend policy with an option for the insured to assume defense
- No panel counsel
- Coverage of claims against insureds for wrongful acts by other persons when the insureds are legally responsible for such acts
- Automatic Voluntary Settlement Program and HIPAA coverage (subject to sub-limits)
- Broad severability
- Non-cancellable policy (other than premium nonpayment)
For further information, visit www.archinsurance.com.
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