CorRisk Canopy_APL
Fiduciary
- Extension of coverage to all directors, officers and employees of an organization who may have fiduciary or administrative responsibility for employee benefit plans including individuals who may not realize they have direct discretionary authority but may still be considered fiduciaries under applicable law
- Coverage for the plan sponsor including, automatically, newly acquired subsidiaries whose assets do not exceed specified thresholds as well as the pension and benefit plans themselves
- Coverage for a wide range of allegations including those arising from alleged lack of planning oversight, imprudent investments, failure to monitor and disclose plan fees and more
- Coverage for the various types of plans an organization might maintain worldwide without a listing of specific plans1, including pension and welfare plans that are sold or terminated during the policy period and qualified and non-qualified plans
- Coverage for certain fees and penalties imposed by the Internal Revenue Service (IRS) or the Department of Labor (DOL) when an organization acts to correct such defects under the DOL’s Voluntary Fiduciary Correction Program, the IRS’ Employee Plans Compliance Resolution System and the DOL’s and IRS’ Delinquent Filer Voluntary Compliance Program
1 Except for Employee Stock Option Plans (ESOPs)
