Fiduciary Liability Insurance - Chubb

1 ForeFront Portfolio Fiduciary Liability Insurance If your officers Even if a judgment is obtained in your Key Features favor, defending yourself from any and fiduciaries alleged breach of Fiduciary obligations Enhanced reporting provision when could result in losses of hundreds of renewed with Chubb . just spoke about thousands or even millions of dollars in Worldwide coverage written on a claims- defense costs. made basis with retroactive coverage a possible conflict Delegation of Fiduciary responsibility available for qualified accounts. to an outside service provider requires of interest, stop prudent selection and monitoring by ForeFront Portfolio Fiduciary your company's fiduciaries. Failure to Liability Insurance responds to talking. do so could expose them to personal allegations including: Liability Wrongful denial or improper change in The Employee Retirement Income Even if your company wishes to benefits.

2 Security Act of 1974 (ERISA) established indemnify its fiduciaries, it may not be Error or omission in plan strict standards of Fiduciary conduct. As able to do so, or it may be prohibited administration. such, any Fiduciary who breaches any of from doing so by law. Relying on Improper advice or counsel. the responsibilities, obligations, or duties corporate indemnification as your sole Fiduciaries engaging in a prohibited imposed by ERISA may be personally protection as a Fiduciary may be placing transaction. liable to compensate the plan for any your personal assets at risk. Failure to administer the plan resulting losses. according to plan documents. If your company ever reduces or Conflict of interest. Furthermore, in today's evolving eliminates some employee benefits, Imprudent investment of assets or lack legal environment, employers and or if it plans to be involved in a major of investment diversity.

3 Plan fiduciaries are increasingly being acquisition or merger or to sell part Imprudent selection and failure to held accountable for their actions in of a business, it increases its Fiduciary monitor third-party service providers. administering the benefit plans they offer Liability risk. With additional advantages: employees. Not to mention that recent Our private company underwriters settlements have made this complex are positioned throughout the United area of litigation more attractive to the Policy Highlights States and are experienced in a broad plaintiffs' bar. spectrum of industries When Chubb has the duty to defend for Access to Fiduciary Liability loss That's why Chubb created ForeFront covered claims, we provide you with prevention services Portfolio Fiduciary Liability access to expert counsel.

4 A Chubb special report: Who May Sue Insurance specifically for private 100% defense costs coverage is You and Why: How To Reduce Your companies like yours. available in most circumstances for ERISA Risks, and the Role of Fiduciary covered claims. Liability Insurance Voluntary settlement program coverage Why Your Company Needs Fiduciary for programs administered by the Liability Insurance IRS, DOL, or any similar program administered by a governmental A breach of ERISA may be a personal authority located outside of the United Liability . States. Participants and beneficiaries can sue Coverage for HIPAA civil penalties and a plan's fiduciaries to enforce or clarify 502(c) civil penalties, where allowed. their rights under ERISA and the plan. The Department of Labor (DOL) may bring a claim against plan fiduciaries to enforce the provisions of ERISA and Fiduciary standards of conduct.

5 2. ForeFront Portfolio Fiduciary authority located outside of the defense costs incurred by an Insured Liability Enhancement Endorsement prior to any allegation of a wrongful act person when contacted by an in writing. enforcement unit during the policy For qualifying customers, Chubb 's period with respect to an interview Fiduciary Liability Enhancement Benefit Claim Denial Reporting by the enforcement unit. These Endorsement offers many features to Insureds may also report, at their enforcement unit interviews are not address the evolving needs of private option, an appeal of an adverse benefit claims. companies and their fiduciaries, determination prior to a wrongful act Defense Costs Defined as reasonable including amendments to provide allegation. charges incurred in defending or greater flexibility in managing the claim- investigating claims.

6 Deductible is reporting process. Definition of Insured Amended to waived for the first $50,000 in defense include past employees or executives costs incurred for e-discovery specialist Definition of Wrongful Acts retained as a Fiduciary or plan services on account of a claim. Expanded to include acts, errors or consultant to the sponsored plan. Claim Expanded to include: omissions solely in an Insured's settlor Regulatory proceeding against an capacity with respect to establishing, Loss Broader definition expanded to Insured person Fiduciary by an amending, terminating, or funding a include: enforcement unit including a Wells trust or sponsored plan. Claimant attorney fees awarded by a notice, target letter or search warrant. court pursuant to Section 502(g) of Written requests upon Insured Pre-Claim Investigation Reporting ERISA.

7 Persons for witness testimony Insureds now have the option to report Reasonable fees and expenses of an commenced by the service of a a fact-finding investigation commenced independent Fiduciary retained to subpoena or other similar documents by the Department of Labor (DOL), review a proposed settlement of a in connection with a wrongful act. Pension Benefit Guaranty Corporation covered claim. (PBGC) or similar governmental Interview Coverage We cover Additional Enhancements refuses in writing to indemnify or within 90 days prior to tender of the fails to do so within 60 days of the claim to Chubb . Pollution Exclusion is deleted. Insured person's written request for Clean-up costs are excepted from loss. indemnification. Chubb remains liable only for loss Other Insurance is modified to stipulate incurred with its prior written policy is excess of any environmental, The policy allows full settlement consent.

8 Pollution Liability or general Liability within the retention without prior policy. consent for reported claims. Liberalization Liberalization with respect to state amendatory Defense and Settlement The policy allows Chubb , at its sole cancellation/termination and ERP. The policy advances defense costs to discretion, to consider payment under timeframes. Insured persons if the organization the policy for defense costs incurred Why ForeFront Portfolio A long-time leader in providing Insurance to private companies, Chubb created ForeFront Portfolio Fiduciary Liability Insurance as one of a suite of nine Insurance solutions under ForeFront Portfolio The coverage parts in ForeFront Portfolio work as standalone policies or seamlessly together in order to minimize gaps and reduce overlaps in Insurance coverage.

9 3. Why Chubb ? Since 1975, Chubb has been devoted to helping to protect private companies like yours. We were a pioneer in providing private companies with an integrated Insurance solution to address their professional and management Liability exposures. Our reputation for fair claims handling and superior service offers you additional peace of mind. Our financial stability and ability to pay claims rate among the best in the Insurance industry. Contact Us For more information on Chubb 's ForeFront Portfolio and Fiduciary Liability solutions, contact your local agent or broker, or visit 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 Insurance provided by ACE American Insurance Company and its based Chubb underwriting company affiliates.

10 All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issues. No Liability is assumed by reason of the information contained herein. 2018 Chubb 14-01-1057 (Ed. 1/18).