Pensions Trustee Liability Insurance
Any organisation that operates an occupational pension plan - whether it’s a private company, not-for-profit, partnership or insurance broker - may be exposed to liabilities. Travelers’ Pension Trustees’ Liability Insurance is designed to protect pension trustees when beneficiaries allege the trustees breached their duty, causing financial losses. The insurance covers the costs of defence, damages, judgments, settlements and awards associated with claims alleging wrongful conduct.
Why Your Customers May Need Pension Trustees’ Liability Insurance
In the past 20 years, the duties of pension trustees have become more onerous. Significant personal liabilities can fall upon individuals performing the trustee role out of good will. Pension scheme rules are complicated, the law changes frequently and investment performance across the sector has led to the severe underfunding of many schemes. Underfunding creates a fertile environment for disgruntled beneficiaries to claim against pension trustees. Many pension fund boards have decided to change the benefits of their schemes in order to adapt to the financial climate, which has made administration all the more complex.
Buying Pension Trustees’ Liability Insurance with Travelers
Travelers offers broad, flexible pension trustees’ liability insurance through our online management liability platform (MLP). The Travelers MLP helps you secure coverage for your customers easily and quickly. It’s a bespoke online system that allows you to indicate, quote, bind and issue policy documentation from anywhere you can access the internet.
To log in or register with our management liability platform, click here.
Interested in a Quote?
If looking for insurance, contact your independent broker and ask for Travelers.