|
| In life insurance, the benefit amount of the policy. |
 |
|
| Designed to provide "fair access to insurance" for
property owners in deteriorating urban areas who have
difficulty buying insurance. It assures the owner they
will receive a property inspection and will be provided
insurance as long as the property is properly maintained
and and improvements recommended to make the property
more insurable have been carried out. |
|
|
| Insures an employer against acts of employee dishonesty
such as theft or embezzlement. |
|
| Fiduciary
Liability Coverage |
|
|
|
Fiduciary liability, also known as pension trust liability,
provides coverage for loss that the insured becomes
legally liable to pay because of a claim made against
the insured for any alleged wrongful act by such 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.
The ERISA definition of a fiduciary is very broad. It
is any person so named in the plan or any person who
exercises any discretionary authority or control with
respect to the management or administration of the plan
or its assets.
The rules and regulations of ERISA include strict guidelines
for fiduciaries. Failure to comply can result in lawsuits
from employees, former employees, and beneficiaries,
as well as the Secretary of Labor, Treasury Department,
and Pension Benefit Guarantee Corp. The sponsor corporation
as well as the individual fiduciaries are at risk.
ERISA also has a broad definition of what is considered
an employee benefit plan. It includes any plan, fund,
or program established or maintained for the purpose
of providing employee benefits to its participants or
beneficiaries. Under a fiduciary liability policy, the
insured includes the following:
The sponsor organization
The plan(s)
Any natural person in his/her capacity as fiduciary
or administrator of the plan(s)
Most fiduciaries are unaware of their personal financial
risk or that of the sponsor organization. Fiduciary
liability coverage provides one way of reducing the
risk and providing protection for the sponsor organization
and individual fiduciaries. |
|
|
| Also known as prperty insurance, this coverage protects
against property losses by fire or lightning. Also covers
smoke and water damage from a fire. |
|
| Fire
Legal Liability Coverage |
|
|
|
| Coverage needed if you occupy leased or rented property
for which you could be held legally liable for damage
to the property due to fire or explosion. |
|
|
| An insurance policy that doesn't have a deductible
and begins paying on the first dollar of loss. |
|
|
| An insurance policy that "floats around" with whatever
is insured regardless of where. |
|
| Forgery
or Alteration Coverage |
|
|
|
This type of insurance covers loss sustained through
forgery or alteration of outgoing negotiable instruments
made or drawn by you, or drawn on your account(s), or
made or drawn by one acting as your agent. This includes
loss caused by any of the following:
Checks or drafts made or drawn in your name, payable
to a fictitious entity.
Checks or drafts, including payroll checks, executed
through forged endorsements.
Alteration of the amount of a check or draft. |
|
|
| RETURN
TO TOP |
|
