AIG Executive Liability has introduced Public Entity Plan and Trustee Protector, a policy that protects individuals who manage public entity employee benefit plans from fiduciary liability exposures.
Public Entity Plan and Trustee Protector is available in over 30 states of US, with limits of up to $50 million. The policy includes coverage for trustees, employees, elected or appointed officials, the benefit plan and the retirement system for claims alleging breaches of employee benefit law or errors in plan administration.
Michael Smith, president of AIG Executive Liability, said: We created Public Entity Plan and Trustee Protector in response to rising concern about the personal liability of managers of public entity employee benefit plans. This policy specifically addresses the unique litigation issues faced by these individuals.