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To Fill Gaps In Traditional Coverage
- Directors & Officers Liability Insurance typically excludes claims for breach of
fiduciary duty to a pension plan.
- Traditional Fidelity bonds or Crime coverages
will not extend to cover fiduciary obligations.
Although ERISA does not apply to public pension funds, fiduciaries can still be liable for losses to a benefit plan incurred as a result of their alleged errors, omissions or breach of their fiduciary duties under state pension laws. By accessing the advice
of experts and choosing quality, diverse investments, fiduciaries can mitigate their
exposures to personal liability, but not eliminate them.
In order to protect pension boards, their fiduciaries and their benefit plans,
Alper Services offers Public Entity Fiduciary Liability Insurance. |
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Each pension board is authorized
to insure against loss or liability of
the trustees, staff and consultants which may result from claims
against them for negligent or wrongful acts committed in the
scope of their duties.
—Illinois Pension Code, Sec. 1-107. |
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