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.
Subtitles 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
Certifications
This is a required course for the following certification programs:
- Certified Management Liability Insurance Professional → LEARN MORE
Testimonials
Very clear, concise content, delivered in an easy to understand way. Whether an industry vet or just starting out, you will learn something from this course- I did! It’s easy to see how this platform could complement any corporate training program. I’d thoroughly recommend ITC to any L&D manager.
I’m super impressed with the quality of the courses. Graphics are the bomb!!
Great job ITC! Love the cartoons. Complex subject matter presented in a very fun way.
These are the best online insurance training offerings I’ve seen in terms of content and ease of use.
The coverage explanations are comprehensive and straightforward, coverage comparison tips are very helpful, and the claims examples are readily adaptable to real-life client scenarios. The visuals are easy to follow and the succinct course modules allowed me to review the modules on my own timeline- or to go back to modules that I wanted to revisit. Plus, as a very welcome bonus, continuing education credits are available in certain jurisdictions!
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.
We’d love to hear from you! At ITC, we’re always exploring timely and relevant insurance topics to support your professional development. If there’s a subject you’d like to learn more about, let us know. Your ideas help us shape future courses and learning opportunities.
We provide a digital certificate of completion for all successfully completed courses. Learn how to access your certificate →
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 listed 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.
No. ITC does not track CE or CPD credits toward your license renewal. You can access certificates for successfully completed courses through your Student Dashboard. We recommend downloading your certificates and keeping them for your records. Learn how to access your certificates →
ITC’s eLearning programme is CII CPD Accredited by the Chartered Insurance Institute (CII). This accreditation demonstrates the quality of ITC’s learning programme and confirms that it meets the requirements of the CII member CPD scheme.
CII accreditation applies to ITC’s eLearning programme. This means the quality of our learning programme has been independently reviewed and confirmed to meet the requirements of the CII member CPD scheme.
For CII members, eligible ITC courses can contribute toward continuing professional development (CPD) requirements. After completing a course, you’ll receive a certificate of completion to document your learning.
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.
We’d love to hear from you! At ITC, we’re always exploring timely and relevant insurance topics to support your professional development. If there’s a subject you’d like to learn more about, let us know. Your ideas help us shape future courses and learning opportunities.
We provide a digital certificate of completion for all successfully completed courses. Learn how to access your certificate →
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 listed 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.
No. ITC does not track CE or CPD credits toward your license renewal. You can access certificates for successfully completed courses through your Student Dashboard. We recommend downloading your certificates and keeping them for your records. Learn how to access your certificates →
ITC’s eLearning programme is CII CPD Accredited by the Chartered Insurance Institute (CII). This accreditation demonstrates the quality of ITC’s learning programme and confirms that it meets the requirements of the CII member CPD scheme.
CII accreditation applies to ITC’s eLearning programme. This means the quality of our learning programme has been independently reviewed and confirmed to meet the requirements of the CII member CPD scheme.
For CII members, eligible ITC courses can contribute toward continuing professional development (CPD) requirements. After completing a course, you’ll receive a certificate of completion to document your learning.
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
