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Fiduciary Liability Insurance

Fiduciary Liability Insurance, which pays legal defense costs, fees, penalties, and settlements, is necessary for any benefit fund because fund trustees are not immune from litigation. Without this insurance, trustees have no protection from errors and omissions in decision-making.

The NYSUT Member Benefits Trust Board of Trustees endorses Euclid/Hudson as the carrier for the Fiduciary Liability Insurance Plan. Premiums for the coverage through Euclid/Hudson are $600 per year for a $500,000 policy limit or $1,050 per year for a $1 million policy limit. These rates are effective from September 1, 2017 through August 31, 2019.

Highlights of the new coverage include:

-- An increase to a $3 million aggregate limit
-- IRC Section 4975 penalties coverage
-- PPACA (Patient Protection & Affordable Care Act) penalty coverage
-- Coverage for benefit over-payments
-- Cyber Liability coverage expenses
-- Voluntary Compliance Program Coverage
-- Clarified Settler coverage
-- Pre-claim defense coverage at commencement of a regulatory investigation
-- Enforcement Agency Interview Coverage

For more information or to learn about the next open enrollment period, please contact Member Benefits at 800-626-8101 weekdays from 9 a.m. to 5 p.m. (EST).

The NYSUT Member Benefits Trust Board of Trustees endorses Euclid/Hudson as the underwriter of its Fiduciary Liability Insurance Plan. Approximately 50% of the benefit funds associated with NYSUT locals throughout the state have purchased the endorsed Fiduciary Liability Insurance Plan.

For the Euclid/Hudson Fiduciary Liability Insurance Plan available to benefit funds, the NYSUT Member Benefits Trust charges an expense reimbursement fee of $50 per policy per year. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them.