Fiduciary Liability Insurance
Fiduciary Liability Insurance protects pension and employee benefit plan fiduciaries from loss due to claims of mismanagement, errors or omissions in plan administration. This course is for plan fiduciaries and others who need to understand this insurance to perform their roles as professionals.
Available in
English
French
Spanish
Course Overview
Organizations that sponsor pension and employee benefit plans take on important fiduciary responsibilities and potential liability when making decisions that affect plan participants. This course introduces Fiduciary Liability Insurance and explains how coverage helps protect organizations and individuals responsible for overseeing employee benefit and pension plans.
You’ll gain a clear understanding of fiduciary liability and the exposures that arise from managing and administering benefit plans. The course examines how fiduciary liability insurance policies are structured, the types of coverage available, and how insurance responds when claims are made against plan sponsors, committee members, or others acting in a fiduciary capacity.
In addition to coverage fundamentals, the course explores practical considerations such as risk mitigation strategies, purchasing criteria, and alternatives to traditional coverage. By examining the responsibilities and exposures associated with employee benefit and pension plans, the course highlights why fiduciary liability insurance is an essential protection for organizations and their fiduciaries.
Course highlights
Fiduciary liability
Insurance coverage
Claims & Risk mitigation
What to buy
Learning Objectives
Upon completing this course, you will be able to:
- Explain liability and the risks faced by fiduciaries;
- Describe the coverage on your fiduciary liability policy and options available;
- Take steps to minimize the chance of a claim;
- Describe what to do and expect if a claim occurs; and
- Make well thought out buying decisions.
Course Curriculum
- Welcome
- Course Objectives
- Downloadable material
- Chapter introduction & objectives
- Who is a fiduciary?
- Sources of fiduciary liability
- Fiduciary liability under CPBSA
- Fiduciary liability under ERISA
- Who is a fiduciary under ERISA
- What are the duties of fiduciaries under ERISA
- Quiz instructions
- Quiz – Fiduciary Liability
- Chapter introduction & objectives
- Factors impacting liability exposures
- DC plans and liability exposure
- M&A and Pension Plans liability
- Investor activism
- Excessive fee litigation
- Claims examples – what can go wrong
- Examples of court decisions impacting the legal landscape
- Quiz – A Look at Fiduciary Liability Exposures
- Chapter introduction & objectives
- What is Fiduciary Liability Insurance
- What is covered – definition of plan
- Who is covered by a FL policy
- Fiduciary liability insurance policy
- Standard insuring clauses
- Fiduciary liability extensions
- Typical exclusions
- Quiz – Fiduciary Liability Insurance
- Chapter introduction & objectives
- What constitutes an FL Insurance claim?
- What is a FL Claim for damages against the insured?
- What is a wrongful act?
- What is loss under a FL policy?
- Understanding policy reporting requirements
- Claims-made policies
- Claims-made and reported policies
- Claims reporting requirements
- Why claims should be reported “as soon as practicable”
- Potential claim notification
- Extended Reporting Period (ERP)
- Claims reporting issues
- How claims are handled
- Defence and Settlement
- Activity – the claims process
- Quiz – Fiduciary Liability Insurance Claims
- Chapter introduction & objectives
- Common sources of claims
- Minimizing the chance of a claim
- Quiz – Managing the risk of Fiduciary Liability Insurance Claims
- Chapter introduction & objectives
- Why organizations buy fiduciary liability insurance
- Types of cover for plan related risk
- Types of cover for plan related risk – EBL
- Fiduciary liability – package or standalone
- Coverage considerations
- Policy terms and conditions
- Application process
- Understanding the application
- Sample additional questions
- Selecting an insurer
- What to expect from your insurance broker
- Managing your FL insurance policy
- Quiz – Buying Fiduciary Liability Insurance
- Course Wrap-up
- Course survey
- Fiduciary Liability Insurance Final Assessment
Testimonials
ITC’s D&O and EPLI courses helped me understand the insurance proposals we receive AND to explain to my executive team and board members the risks we can (and cannot) manage through insurance.
Most insurance courses are either pitched at people learning about the subject for the first time or jump straight into advanced topics. The ITC courses do a great job for all learners and I particularly liked the online format since you can either spend time starting from the beginning or quickly move on to the areas of most interest to you. The course material also went beyond insurance policy language – addressing risk management, claims processes, what buyers should consider, and more.
ITC effectively tackles complex subject matters in a very creative manner. I would highly recommend to anyone looking to broaden their understanding.
Great way to enjoy an evolving subject matter. Thank you ITC, enjoyed that!
I’ve been in the insurance industry for over 20 years and this is by far the best educational material I have seen! Great for new and established professionals!
ITC Education is the perfect platform for busy insurance professionals to expand their knowledge in bite-size, manageable, easy & informative modules. The subject matter is well researched and presented in an engaging and easy-to-understand format. The modules are set up so that you can zero in on a subset or explore the topic more fully – time permitting. The examples are easily applied to real-life situations.
About ITC courses
ITC takes pride in delivering high quality, unbiased courses on professional and management liability insurance and related topics. Designed specifically for online delivery, our courses are interactive, include activities and quizzes, use practical illustrations and real-life case studies and deliver knowledge in bite-sized portions so even just 5 minutes is learning time well spent.
How we build courses
ITC courses are the product of a collaborative approach. We work closely with subject matter experts to build out course content, the ITC design team brings that content to life, and no course is published before undergoing an intense review by an industry panel. Our process also includes post-publication reviews and updates because ITC is committed to delivering quality courses that remain accurate, relevant and up-to-date, long after they are first published.
With ITC, you can take any course at any time. For the best learning experience, a prerequisite may be recommended in the course description.
No. ITC no longer sells individual courses. New learners choose between:
- All-Access education, or
- ITC Advance certifications program, both of which include course access.
If you have questions, please contact ITC directly.
At ITC, we want to hear from you! Our courses are specifically developed to provide relevant and up-to-date training on insurance topics. If there is something you’d like to learn or explore and we don’t have the course, please reach out!
We take pride in providing up-to-date relevant courses! ITC is committed to reviewing all course content at least once a year and making any necessary updates or additions to course materials.
We provide a digital certificate of completion for all successfully completed courses.
Check the CE / CPD page on our website to find out which courses qualify for credit in your jurisdiction then register for your chosen course. Once you’ve successfully completed the entire course, including all the quizzes, you will be prompted to register for your digital certificate of completion.
If your jurisdiction is not list on our website, ITC courses may still qualify for CE or CPD credit but it will be your responsibility as a student to verify this with your regulator.
With your course purchase or active subscription, you are able to see all obtained certificates! We encourage you to download your certificates and track your CE or CPD credits for your license renewal.
Frequently Asked Questions
With ITC, you can take any course at any time. For the best learning experience, a prerequisite may be recommended in the course description.
No. ITC no longer sells individual courses. New learners choose between:
- All-Access education, or
- ITC Advance certifications program, both of which include course access.
If you have questions, please contact ITC directly.
At ITC, we want to hear from you! Our courses are specifically developed to provide relevant and up-to-date training on insurance topics. If there is something you’d like to learn or explore and we don’t have the course, please reach out!
We take pride in providing up-to-date relevant courses! ITC is committed to reviewing all course content at least once a year and making any necessary updates or additions to course materials.
We provide a digital certificate of completion for all successfully completed courses.
Check the CE / CPD page on our website to find out which courses qualify for credit in your jurisdiction then register for your chosen course. Once you’ve successfully completed the entire course, including all the quizzes, you will be prompted to register for your digital certificate of completion.
If your jurisdiction is not list on our website, ITC courses may still qualify for CE or CPD credit but it will be your responsibility as a student to verify this with your regulator.
With your course purchase or active subscription, you are able to see all obtained certificates! We encourage you to download your certificates and track your CE or CPD credits for your license renewal.
About ITC courses
ITC takes pride in delivering high quality, unbiased courses on professional and management liability insurance and related topics. Designed specifically for online delivery, our courses are interactive, include activities and quizzes, use practical illustrations and real-life case studies and deliver knowledge in bite-sized portions so even just 5 minutes is learning time well spent.
How we build courses
ITC courses are the product of a collaborative approach. We work closely with subject matter experts to build out course content, the ITC design team brings that content to life, and no course is published before undergoing an intense review by an industry panel. Our process also includes post-publication reviews and updates because ITC is committed to delivering quality courses that remain accurate, relevant and up-to-date, long after they are first published.
Fiduciary Liability Insurance
