|Chartis Enhances Fiduciary Liability Solutions for Private Companies, Non-Profits and Financial Institutions|
NEW YORK – March 1, 2012 – Chartis today introduced significant enhancements to the fiduciary liability solutions offered by its Financial Lines Division to its private company, not-for-profit and financial institution clients. The Fiduciary Liability Insurance EdgeSM endorsement, when added to the Chartis insurers’ Private Edge Plus, Not for Profit Risk Protector® and Financial Institution Risk Protector policies, provides coverage to address the rapidly expanding exposures facing employee benefit plan sponsors and their directors, officers and employees.
The endorsement includes state-of-the-art coverage expansions. For example, by covering executives who are alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or “settlor” capacity, the new endorsement eliminates a potential Catch 22—that a successful defense could result in an executive losing coverage. The endorsement also features flexible notice and reporting provisions for fact-finding government investigations and internal appeals of benefit denials, and provides broadened coverage for penalties, including those under the recently passed health care reform law.
“New regulations, recent court decisions and a struggling economy have left plan fiduciaries more susceptible to liability than ever,” said Rhonda Prussack, Executive Vice President and Product Manager of Fiduciary Liability Insurance at Chartis. “The Fiduciary Liability Insurance Edge endorsement provides cutting-edge coverage to address the growing risks they face today.”
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.aig.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.