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January 2013 The Fiduciary Shield, "Challenges and Opportunities: The 2013 Market for Insurance to Protect Multiemployer Plan Fiduciaries"

Abstract

Although 2013 is expected to be another challenging year for trustees of multiemployer plans that are purchasing or renewing insurance coverage, there is also some good news to report. This issue of The Fiduciary Shield presents an overview of the 2013 market for each of the following types of insurance that provide protection for multiemployer plan fiduciaries:

  • Fiduciary liability insurance,
  • Fidelity bonds,
  • Cyber liability insurance, and
  • Employment practices liability insurance.

While pricing will remain important, for many clients the main focus in 2013 will be coverage options. Some carriers will offer improvements to existing coverage and new types of coverage during 2013. Such expansion of coverage options along with their resulting premium increases will require trustees and their advisors to devote more time and attention to the renewal process, with a specific focus on the cost and benefit of improved scope of coverage opportunities.

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