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.

fiduciary liability insurance

What You Will Learn

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Fiduciary liability

Who is a fiduciary and what are the sources of liability for fiduciaries?
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Insurance coverage

What’s in a fiduciary liability insurance policy and how does the insurance work?
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Claims & Risk mitigation

What are common types of claims and how can you reduce the chance of a claim?
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What to buy

What policy, what coverage, how to determine how much insurance to buy?

Learning Objectives

Upon completing this course you’ll be equipped to:

  1. Explain liability and the risks faced by fiduciaries;
  2. Describe the coverage on your fiduciary liability policy and options available;
  3. Take steps to minimize the chance of a claim;
  4. Know what to do and expect if a claim occurs; and
  5. 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

Course Overview

This course teaches the fundamentals of fiduciary liability insurance starting with a review of fiduciary liability and the associated exposures illustrating why this insurance needs to exist. 

Plan administrators and sponsors need to have a clear understanding of what’s expected of them as fiduciaries, to whom they are liable, and what their risks are. This course is essential for plan administrators and sponsors. 


Many people think twice before undertaking plan fiduciary duties because along with the prestige of the role comes enormous personal liability. This is where fiduciary liability insurance becomes important. Understand the sources of fiduciary liability in Canada, UK, Australia and USA. 


In this course, we explore various factors that are impacting fiduciary liability exposure and we take a deep dive into the impact of defined contribution plans, mergers and acquisitions, investor activism, and fees on liability. We’ll examine some real-life examples in different jurisdictions to illustrate what can and does go wrong.


More Fiduciary Liability Insurance course details

This online Fiduciary Liability Insurance course incorporates a wide range of applied exercises and real-life claims examples. Search and navigation tools allow you to study at your own pace while pop quizzes test what you have learned. The course includes also extra reference materials that you can use while taking the course and download to your computer for future reference. This is the ultimate Fiduciary Liability Insurance course to help you navigate this sophisticated coverage.

Who should take this course?

This course is for pension and employee benefit plan fiduciaries and sponsors, and also for those who need to be able to explain and discuss fiduciary liability insurance in their roles as service providers such as insurance brokers, account executives, lawyers and underwriters. 


Javier Santos, Cyber Security Coach

Very informative in simple terms!

I found the Ransomware and Insurance 2022 Market Update to be very informative and delivered in simple terms. It will be beneficial to make it available in other languages like Spanish. Perhaps this can be done using a closed caption option.

Chief Operating Officer, Energy Company

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.

David Marsh, Partner, Broker

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.

Broker, Australia

ITC effectively tackles complex subject matters in a very creative manner. I would highly recommend to anyone looking to broaden their understanding.

Broker, Canada

Great way to enjoy an evolving subject matter. Thank you ITC, enjoyed that!

Manager, SVP, Canada

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!


With ITC, you can take any course at any time. For the best learning experience, a prerequisite may be recommended in the course description.

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.

All ITC courses and subscriptions are priced in USD.

When you purchase a single course you will receive lifetime access to the course from any device. This includes any future updates to course materials.

We offer a risk-free 30-day money-back guarantee on all our courses. If you are not happy with your ITC course purchase you have up to 30 days from your original date of purchase to contact ITC at [email protected] to request a full refund. All we ask is that you provide us with the reason for your refund request. It is feedback from clients like you that helps us to improve our courses.

Fiduciary Liability Insurance

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