In life insurance, the benefit amount of the policy.
Designed to provide "fair access to insurance" for property owners in deteriorating urban areas who have difficulty buying insurance. It assures the owner they will receive a property inspection and will be provided insurance as long as the property is properly maintained and and improvements recommended to make the property more insurable have been carried out.
Insures an employer against acts of employee dishonesty such as theft or embezzlement.
Fiduciary liability, also known as pension trust liability, provides coverage for loss that the insured becomes legally liable to pay because of a claim made against the insured for any alleged wrongful act by such insured or by any other person for whom the insured is legally responsible. It also covers the defense costs in connection with a covered claim. The policy is written on a claims made form.
A wrongful act includes any violation of the responsibilities, obligations, or duties imposed on fiduciaries by the Employee Retirement Income Security Act (ERISA), as well as acts, errors, or omissions in the performance of the duties of the plan administrator.
The ERISA definition of a fiduciary is very broad. It is any person so named in the plan or any person who exercises any discretionary authority or control with respect to the management or administration of the plan or its assets.
The rules and regulations of ERISA include strict guidelines for fiduciaries. Failure to comply can result in lawsuits from employees, former employees, and beneficiaries, as well as the Secretary of Labor, Treasury Department, and Pension Benefit Guarantee Corp. The sponsor corporation as well as the individual fiduciaries are at risk.
ERISA also has a broad definition of what is considered an employee benefit plan. It includes any plan, fund, or program established or maintained for the purpose of providing employee benefits to its participants or beneficiaries. Under a fiduciary liability policy, the insured includes the following:
The sponsor organization
Any natural person in his/her capacity as fiduciary or administrator of the plan(s)
Most fiduciaries are unaware of their personal financial risk or that of the sponsor organization. Fiduciary liability coverage provides one way of reducing the risk and providing protection for the sponsor organization and individual fiduciaries.
Also known as property insurance, this coverage protects against property losses by fire or lightning. Also covers smoke and water damage from a fire.
Coverage needed if you occupy leased or rented property for which you could be held legally liable for damage to the property due to fire or explosion.
An insurance policy that doesn't have a deductible and begins paying on the first dollar of loss.
An insurance policy that "floats around" with whatever is insured regardless of where.
This type of insurance covers loss sustained through forgery or alteration of outgoing negotiable instruments made or drawn by you, or drawn on your account(s), or made or drawn by one acting as your agent. This includes loss caused by any of the following:
Checks or drafts made or drawn in your name, payable to a fictitious entity.
Checks or drafts, including payroll checks, executed through forged endorsements.
Alteration of the amount of a check or draft.