Dateline: 18/10/1999
SCHAUMBURG, IL--Zurich U.S., one of the nation’s leading property and casualty insurers, has introduced an enhanced fiduciary liability insurance policy designed to meet companies’ growing need for broad fiduciary protection.
Concerns about the portability of benefits, uncertainty of the securities markets, and serious questions surrounding Social Security have heightened awareness among employees, which can increase the exposure of employers relative to benefit plan management, selection of advisors and investment decisions. In response to these concerns, Zurich U.S. has expanded its fiduciary liability insurance protection.
"We are very committed to solving the management liability needs of our customers and believe that this type of quality product accurately addresses the exposures inherent in plan management and benefits liability" said Ann Haugh, Fiduciary Liability Product Manager at Zurich U.S. "We have taken steps to make this product as accessible as possible. Whether a customer wants an integrated D&O/Fiduciary Liability policy or stand-alone coverage, our product experts can make it happen."
Zurich U.S.’ newly enhanced fiduciary liability policy includes a broad definition of "Claim" to include worldwide coverage of fact finding investigations and "Benefit Program" to encompass plans not subject to Title I of ERISA. A spousal liability coverage extension has also been added along with an expanded definition of "Insured Person" that includes fiduciaries and volunteers and a definition of "Loss" that provides coverage for punitive or exemplary damages where insurable by law.
Additionally, the enhanced policy provides increased flexibility in claims handling and enables customers to add plans without underwriter notification until renewal if the plans do not exceed 10% of the total plan asset’s value. Through the Executive Assurance division at Zurich U.S., the policy can be provided on a stand-alone basis or integrated with Directors and Officers Liability insurance.
"Changes in social security and healthcare, mergers and acquisitions consolidating the workplace and the volatility of today’s financial markets can significantly impact employees and their sense of security" said Bruce Hayes, Senior Vice President of Zurich U.S. Executive Assurance products. "With all of these implications, one can see the need to increase focus on the fiduciary liability exposure."
Zurich U.S. is a leading commercial property and casualty insurance company serving the multinational, middle market and small business sectors in the U.S. Zurich U.S. is a member of the Zurich Financial Services Group, a global leader in the financial services industry.
Providing its customers with solutions in the area of financial protection and asset accumulation, the Zurich Financial Services Group concentrates its activities in four core businesses: non-life and life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, the Group's worldwide presence builds on strong positions in its three home markets--the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 33 million customers and employing 68,000 employees.
For more information on Zurich U.S.’ Fiduciary Liability Insurance, contact Ann Haugh at 212-676-4047 or ann.haugh@zurichna.com
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Media contacts:
Patricia Schnably
Vice President, Corporate Marketing Communications Zurich U.S.
(410) 338-2755 (Baltimore)
(847) 605-6372 (Schaumburg)
pat.schnably@zurichna.com
Joanne Lessner
Miller DeMartine Group
(212) 222-7436
jlessner@mdgpr.com