Chartis, a property-casualty and general insurance company, has launched a Fiduciary Liability Insurance Edge, to address the evolving fiduciary liability exposures facing companies, plans, executives and employees.
The new insurance solution was developed by its Executive Liability division and it offers coverage for board members, executives and companies to protect them against Employee Retirement Income Security Act (ERISA) and employee benefits litigation.
By extending coverage to company executives who are merely alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or ‘settlor’ capacity, Fiduciary Liability Insurance Edge eliminates the potential that a successful defense could result in a business executive losing coverage.
Fiduciary Liability Insurance Edge offers flexible notice features for fact-finding government investigations and internal appeals of benefit denials, coverage for penalties under recently enacted health care reform regulations and offers expanded coverage relating to voluntary governmental compliance programs.
Chartis Executive Liability president Michael Smith said that the Fiduciary Liability Insurance Edge gives business executives and plan fiduciaries state-of-the-art coverage in response to the unprecedented level of risk they face today.