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ABOUT THIS COVERAGE

How would your insurance respond if a plan participant sued your company and your managers alleging an error in the calculation of your company’s benefits? As a fiduciary, you can be held personally liable for losses to a benefit plan incurred as a result of an alleged error, omission or breach of fiduciary duty. This policy is designed to help protect your privately owned company, its fiduciaries and your benefit plans.

Coverage:

  • Responds to allegations including:
    • Wrongful denial or improper change in benefits
    • Error or omission in plan administration
    • Improper advice or counsel
    • Fiduciaries engaging in a prohibited transaction
    • Failure to administer the plan according to plan documents
    • Conflict of interest
    • Imprudent investment of assets or lack of investment diversity
    • Imprudent selection and failure to monitor third-party service providers
  • Insures the company, the company’s executives and employees, and the company’s employee benefits plan

BENEFITS

  • Private company underwriters located across the U.S. are experienced in a broad spectrum of industries
  • Loss prevention resources

ABOUT WESTCHESTER

Westchester is one of the largest and most diverse excess and surplus lines commercial property and casualty insurance underwriters in the United States. Focused on the wholesale distribution channel, Westchester provides innovative specialty products for property, specialty casualty, environmental, professional risk, inland marine, product recall, small business, binding and programs. The business is further distinguished by exceptional financial strength, underwriting excellence and superior claims handling expertise. The material on this page contains product summaries intended for use solely by properly licensed insurance professionals. The insurance policy actually issued contains the terms and conditions of the contract. All products may not be available in all states and surplus lines products can be offered only through licensed surplus lines producers. Insurance provided by Westchester Fire Insurance Company and its U.S. based Chubb underwriting company affiliates. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Westchester is a division of Chubb, the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: www.chubb.com

 

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