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The Employee Retirement Income Security Act of 1974 (ERISA) substantially increased the exposure of companies and individuals responsible for designing, administering and managing health and welfare, defined contribution and defined benefit, and employee stock ownership plans. Given the amount of money involved in such plans, those individuals – known as fiduciaries – and the business or organization that employs them are extremely vulnerable to lawsuits claiming breach of duties. One lawsuit could cost millions of dollars in damages, legal fees, and civil penalties, resulting in reputational damage. The Hanover's Fiduciary Liability solution is designed to help protect benefit plan fiduciaries against legal liability arising out of their role as plan administrators, including the cost of defending those claims.

Target Appetite

Our broad appetite and expertise enables us to write Fiduciary Liability coverage for almost any company or organization of any size. We specialize in:

  • Agriculture
  • Business to Business Services
  • Business & Trade Associations
  • Charitable Organizations
  • Construction
  • Food Processing
  • Foundations
  • Manufacturing
  • Mining
  • Museums
  • Natural Resources
  • Oil & Gas
  • Personal Services
  • Professional Services
  • Social Services
  • Software design and development
  • Software as a Service
  • Tech Manufacturing
  • Transportation
  • Vocational Training
  • Waste Management
  • Wholesale

Product Offerings

Our Fiduciary Liability solution is available in a convenient modular policy or as a standalone policy.  Our broad definition of Insured Benefit Plan includes any:

  • ERISA Sponsored Plan
  • Employee Health and Welfare Plan
  • Employee Contribution Plan
  • Employee Pension Benefit Plan
  • Employee Benefit Plan not subject to ERISA
  • Government-mandated Insurance Program for Workers' Compensation, Unemployment, Social Security or disability

Coverage highlights include: 

  • A broad definition of Insured includes the company, its fiduciaries, and sponsored plans
  • Up to $250,000 optional sub-limit for Voluntary Compliance Resolution Program Settlement Fees Coverage
  • Broad Wrongful Acts Coverage for errors and omissions and breaches of fiduciary duty
  • Coverage for penalties and fees imposed under ERISA section 502(i) and (ii)
  • Coverage for Terminated Plans continues for acts committed prior to their termination
  • Low to no retention for most risks

Contact Us

Contact a member of our team who can help you develop tailored management and professional lines solutions for your clients.

Jon Martin
VP, Distribution Management
MI, OH
269-240-8118
jonmartin@hanover.com

Aaron Brown
Regional Distribution Director
AZ, CA, ID, MT, NM, NV, OR, UT, WA, WY
949-202-8559
cabrown@hanover.com

Adam Bennett
Regional Distribution Director
CO, IA, IL, IN, KS, KY, MN, MO, ND, NE, SD, WI
952-484-8907
abennett@hanover.com

Jim Cramer
Regional Distribution Director
AR, KS, LA, MO, OK, TX
469-318-5153
jcramer@hanover.com

Margaret Teta
Regional Distribution Director
CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT
860-597-7967
mteta@hanover.com

Shannon Juedeman
Regional Distribution Director
AL, FL, GA, MS, NC, SC, TN, VA, WV
678-230-2514
sjuedeman@hanover.com


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