Fiduciary Liability Insurance is crucial protection for benefit funds as it protects trustees against errors and omissions in decision-making along with paying legal defense costs, fees, penalties and settlements.
NYSUT Member Benefits 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, please contact Michael Ostrander in NYSUT Member Benefits at 800-626-8101, ext. 1231
The NYSUT Member Benefits Trust 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.