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January 2015 The Fiduciary Shield, "New Insurance Coverage Extends Protections to Investigations by DOL, Other Regulators"

Abstract

This issue of The Fiduciary Shield discusses pre-claim investigation coverage and interview coverage for multiemployer benefit plans. These coverage enhancements permit trustees to transfer legal costs associated with monitoring a regulatory body's investigation of their plan to an insurer. The enhancements should also help limit the potential for a Department of Labor finding of fiduciary breach that could lead to sanctioning of the plan and higher costs for the insurer. Now available to most multiemployer plans, together these enhancements represent the broadest expansion of fiduciary liability coverage in recent memory.

This Fiduciary Shield discusses the protections provided by pre-claim investigation coverage and interview coverage, why both are important, and how to obtain them.

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