NEW YORK--(Business Wire)--
Arch Insurance Group, a member of Arch Capital Group Ltd.,
recently announced that it has made enhancements to its fiduciary
coverage.
As the management of employee benefit plans receives greater
scrutiny than ever before and fiduciary liability claims balloon in
both frequency and severity, companies need to examine their exposures
and ensure that they are sufficiently protected.
The most common claims against fiduciaries involve issues such as:
-- Improper advice
-- Inappropriate selection of advisors or service providers
-- Imprudent investments
-- Breach of fiduciary duties imposed by ERISA
-- Conflict of interest with regard to investments
-- Negligence in the administration of a plan
Arch Insurance Group has enhanced its fiduciary liability coverage
to help companies achieve the right level of protection. Key coverage
features include:
-- Duty to defend policy with an option for the insured to assume
defense
-- No panel counsel
-- Coverage of claims against insureds for wrongful acts by other
persons when the insureds are legally responsible for such
acts
-- Automatic Voluntary Settlement Program and HIPAA coverage
(subject to sub-limits)
-- Broad severability
-- Non-cancellable policy (other than premium nonpayment)
"Customers need to realize that, under ERISA, individual
fiduciaries can be held personally liable for any breach of their
responsibilities in managing employee benefit plans," said Joseph
O'Donnell, EVP-Executive Assurance division at Arch Insurance Group.
"Therefore, a responsible risk management plan today will include
specific fiduciary coverage."
Arch Insurance Group Inc. is a member of Arch Capital Group Ltd.,
a Bermuda-based company that provides insurance and reinsurance on a
worldwide basis through its wholly owned subsidiaries. For more
information, visit www.archinsurance.com.
Insurance coverage is underwritten by one or more member companies
of Arch Insurance Group in North America, which consists of Arch
Insurance Company (a MO corporation, NAIC # 11150), Arch Specialty
Insurance Company (a NE corporation, NAIC #21199) and Arch Excess &
Surplus Insurance Company (a NE corporation, NAIC # 10946). Executive
offices are located at One Liberty Plaza in New York City 10006. Not
all insurance coverages or products are available in all
jurisdictions. Coverage is subject to actual policy language. This
information is intended for use by licensed insurance producers.
Arch Insurance Group Inc.
Stefanie Frelick, 646-563-6431
Asst. Vice President, Marketing
Copyright Business Wire 2008
