The program is designed to help protect the assets of plan sponsors and the personal assets of fiduciaries from claims arising out of breach of fiduciary duty or negligent acts, errors or omissions in plan administration. The program helps provide protection beyond the required fidelity bond, according to a press release.
“In recent years, assets in the retirement space have grown to more than $15 trillion and as a result of this increase and the down draft of investments in the poor economy, there are more legal challenges for fiduciaries,” explained Neil Smith, executive vice president, Strategic Business Support Services for Ascensus, in the announcement.
“Our Fiduciary Liability Insurance Program helps protect those who have fiduciary responsibilities not only for 401(k) plans, but also employee benefit plans, welfare benefit plans, pension benefit plans, health savings accounts and other plans or programs that may or may not be subject to ERISA. Our coverage is comprehensive, the pricing is competitive and the process to obtain a quote is streamlined and easy to use,” said Jacqueline LaRock, vice president for Crump P&C.