Fiduciary Liability

What is Fiduciary Liability?

  • Provides vital coverage for certain fines, penalties, sanctions, fees, and expenses related to the Affordable Care Act, ERISA Section 502(c), HIPAA, HITECH Act, IRS Section 4975 and the Pension Protection Act, as well as costs related to the assessment/correction of non-compliance in connection with certain voluntary compliance programs.
  • Settlor Coverage is available to extend coverage to insureds for wrongful acts in the formation and design of a plan, as well as for execution of plan details as a fiduciary.
  • Affordable Care Act Coverage extends coverage to insureds for wrongful acts in connection with insurance purchased though a healthcare exchange.
  • IRS Audit Protector Coverage helps 401K and retirement plan administrator clients protect themselves from potential IRS liability. 
  • Bermuda-based placements for all Financial Lines products available on an excess coverage basis.

The AIG Advantage

Coverage Modernization

  • 40+ years of introducing updated and expanded coverage to address emerging exposures.
  • Claims and underwriting alignment leverages our expertise and vast knowledge base to provide coordinated solutions for insureds.

Multinational

  • Service delivery in a globally consistent and seamless fashion through one of the largest global networks in the industry, spanning 215+ countries and jurisdictions.

Claims Capabilities

  • “Once in a lifetime” situations handled by 200 in-house claims professionals seeing 25,000+ claims and paying $1.5B in claims annually.
  • Defense counsel from premier law firms with high performance standards based on specific needs.

Appetite

Enhanced underwriting scrutiny and review of insureds with benefit plans in excess of $500M in plan assets based on excessive fee claims.

National Leadership

Allison Barrett

Head of North America, Financial Lines

Mary McIvor

Head of Financial Lines Claims

Downloadable Materials