Fiduciary Insurance
Schools offering benefits are considered “fiduciaries,” and many School Boards can be held personally liable when managing these plans, putting personal assets at risk.
Schools and their School Boards can be sued by plan participants, the Department of Labor and the State Pension
What’s typically covered
Fiduciary insurance provides financial protection for fiduciaries. Claims of fiduciary liability are often the result of human administrative error. Fiduciary insurance covers defense costs and settlements for claims of benefit-plan losses arising out of: Bad insurer, mutual fund or third-party administrator’s choices; Plan administration errors or conflict of interest; Benefits denial, changes or reductions; Bad advice or improper counsel; Funding a plan insufficiently or failing to diversify; Choosing poor investments or squandering assets; or Terminating a plan incorrectly.