A news release said the offering provides coverage for board members, executives and companies to protect them against Employee Retirement Income Security Act (ERISA) and employee-benefits litigation.
By extending coverage to company executives who are merely alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or “settlor” capacity, the product eliminates the potential that a successful defense could result in a business executive losing coverage, the company said. The product was developed by the Chartis Executive Liability Division.
The company said the product offers:
- Flexible notice features for fact-finding government investigations and internal appeals of benefit denials;
- Coverage for penalties under recently enacted health-care reform regulations;
- Expanded coverage relating to voluntary governmental compliance programs.
“Economic developments, legislative agendas and recent court decisions have left fiduciaries more vulnerable than ever,” said Michael Smith, President of Executive Liability, in the news release. “Fiduciary Liability Insurance Edge gives business executives and plan fiduciaries state-of-the-art coverage in response to the unprecedented level of risk they face today.”
More information is at www.chartisinsurance.com.