the risk

There is no room for an error when it comes to managing and administering your company's pension and welfare plans. A number of Canadian Acts and U.S. Statutes as well as common and contract law in Canada hold your company and its plan fiduciaries to exacting legal standards of conduct. Any actual or alleged breach of duty, error or omission could result in a financially devastating lawsuit threatening your business and the personal assets of the plan fiduciaries. 

Many trustees now think twice before undertaking plan fiduciary duties because along with prestige comes enormous personal liability. 

Allegations against plan fiduciaries, companies, pension and welfare plans may include:

a failure to operate the plan prudently and for the exclusive benefit of plan participants;

the use of plan assets to benefit related parties with interest to the plan, including the plan administrator or plan sponsor;

a failure to properly value plan assets or to hold plan assets in trust; and

a failure to make benefit payments due under the terms of the plan.

the Executive Risk Insurance Services solution

We operate in the belief that there should be a direct correlation between quality of risk and the cost of protection. To ensure this correlation is achieved, we utilise a unique and proprietary method to assess the governance of pension plan committees for primary policies. This evaluative tool helps both pension plan fiduciaries and our underwriters in confirming both organisational strengths and the need for ongoing improvements in pension plan governance. 

Coverage is designed to provide comprehensive protection by ensuring the company, its directors, officers, employees as well as its benefit programs and plan fiduciaries are protected from allegations of a breach of duty in plan management, sponsorship or administration.

Click here for the key market coverage terms provided by Executive Risk Insurance Services (92k PDF). 

Based on both governance assessment and quantitative underwriting considerations, our underwriting specialists can then help to increase the value of the executive risk investment, by providing well-rated products, 100% underwritten by certain underwriters at Lloyd’s, with superior coverage at cost-effective pricing. A policy from Executive Risk Insurance Services is a meaningful reflection of risk and, as such, acts to further educate board members and trustees about the personal risks they bear.

We target clients of all sizes of public and private corporations, income trusts, governments and not-for-profit organisations (excluding tobacco or industrial waste exposures) with defined benefit or defined corporate plans. 

We have a $30 million policy limit of liability (on a primary or excess basis). Limits may be provided in either Canadian or U.S. dollar equivalents.

our payment terms

Premiums are to be paid within 30 days of the inception date of the policy term; and

Installment payments are not accepted.

back to top

contacts