Fiduciary Liability Insurance

Coverage designed to protect against loss for any alleged wrongful act by an Insured or by any other person for whom the Insured is legally responsible. It also covers the defense costs in connection with a covered claim. The policy is written on a claims made form. A wrongful act includes any violation of the responsibilities, obligations, or duties imposed on fiduciaries by the Employee Retirement Income Security Act (ERISA), as well as acts, errors, or omissions in the performance of the duties of the plan administrator. Also known as Pension Trust Liability.