This policy covers corporate directors and officers against claims, most often by stockholders and employees, alleging financial loss arising from mismanagement. D&O policies are written on a claims-made basis, generally contain no explicit duty to defend those insured, and typically exclude intentional/dishonest acts and bodily injury and property damage. It is possible to purchase coverage for Innocent Parties, when another Director or Officer commits a dishonest act.
This policy covers liability and defense costs resulting from actual and alleged unfair employment practices, such as hostile work environment, wrongful termination, discrimination, and harassment. The policy is written on a claims-made basis and includes either a Retroactive date or Full Prior Acts coverage. Many Employment Practices Liability carriers also offer toll-free hotlines, where policyholders may seek advice and counseling when facing questions on potentially problematic situations.
Fiduciary Liability policies provide coverage for trustees, employers, fiduciaries and professional administrators, with respect to errors and omissions in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).
Bonding for ERISA Plans. ERISA coverage provides coverage for exposures arising out of the responsibility as an officer or fiduciary of a company for the handling of pension funding and other employee benefit plans. Should the fiduciary responsibility be breached, the individual is personally liable for the loss. This resulting exposure is usually excluded from the general liability policy, even when employee benefits liability coverage is purchased. However, coverage may be purchased in the form of a separate fiduciary liability policy.
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