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When mismanagement and errors in pension funds or employee benefit trust funds occur and a lawsuit arises, it pays for fiduciaries or trustees to be properly protected.

Fiduciaries can include many groups of people including pension committees, human resources departments, boards of trustees, administrators, directors, officers, and actuaries. The primary duty of a fiduciary is to always act prudently on behalf of any plan’s beneficiaries. Failure to do so may invoke personal liability and claims occur when fiduciary duties are breached.

Despite good intentions, mistakes can happen, mismanagement or negligence can occur and an allegation of a wrongful act can be brought. However, good governance includes understanding the potential for claims and how they can be reduced or eliminated with adequate insurance protection.

Having a Fiduciary Liability Insurance policy from Axis Insurance will give both beneficiaries and trustees peace of mind.

Specialized Team Members