Euclid Specialty Introduces the Euclid Vanguard Fiduciary Liability Policy: The Prudent Choice for Multiemployer and Governmental Trustees
Euclid Specialty currently offers fiduciary liability nationally on an admitted basis through
Key features of the Euclid Vanguard include:
• The addition of CyberEssentials coverage, providing first-party content restoration and crisis notification expenditures for information breaches as part of the base policy.
• Coverage for Amara Surcharges: The Euclid Vanguard is the first fiduciary policy form to provide affirmative coverage for surcharges and other equitable relief under ERISA Section 502(a)(3) stemming from the 2011
• Expanded Penalty Coverage: Full statutory limits for HIPAA/HITECH violations and new coverage for penalties under the Patient Protection and Affordable Care Act and Internal Revenue Code Section 4975 are all in the base policy form.
• Coverage for benefit miscalculations by the Plan that result in overpayments. The Euclid Vanguard Policy provides coverage for benefit overpayments that cannot be paid out of trust assets or recovered from beneficiaries.
• Coverage for Section 301 of the Labor Management Relations Act relating to alleged violations of collectively bargained contracts in connection with the Plan.
• Coverage for retainer fees and expenses of an Independent Fiduciary when necessary to meet fiduciary obligations.
• And the Introduction of Euclid’s Penalty Box, an Umbrella of penalty coverage to expand protection when the underlying sublimit of penalty coverage is exhausted. The Penalty Box provides additional penalty coverage to expand policy sublimits for: Voluntary Compliance Program Expenditures, ERISA 502 (c) Civil Penalties, PPACA Fines and Penalties, ERISA Section 4975 Penalties, ERISA Section 502 (a)(3) Relief, Benefit Overpayments and CyberEssentials coverage.
“ERISA mandates that trustees act with prudence and diligence. We think the Euclid Vanguard policy provides the best combination of scope of coverage, financial security and expert claims handling for a competitive premium,” said
Euclid Specialty offers fiduciary liability and labor professional liability insurance through independent agents and brokers. Interested brokers should contact
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About Euclid Specialty
“A-” (Strong) by Standard & Poor's.
John V. O’Brien
Euclid Specialty Managers, LLC
Read the full story at http://www.prweb.com/releases/2012/12/prweb10246599.htm
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