Chartis introduces Fiduciary Liability Insurance Edge

Sep 22, 2010 (Datamonitor via COMTEX) -- Chartis, a property-casualty and general insurance organization, has introduced Fiduciary Liability Insurance Edge, a new insurance solution developed by its executive liability division to address the evolving fiduciary liability exposures facing companies, plans, executives and employees.

Fiduciary Liability Insurance Edge offers coverage for board members, executives and companies to protect them against the Employee Retirement Income Security Act and employee benefits litigation. By extending coverage to company executives who are merely alleged to have acted as plan fiduciaries, but who are later proven to have been acting only in a business or settler capacity, Fiduciary Liability Insurance Edge eliminates the potential that a successful defense could result in a business executive losing coverage, said the company.

Fiduciary Liability Insurance Edge offers: flexible notice features for fact-finding government investigations and internal appeals of benefit denials; coverage for penalties under recently enacted healthcare reform regulations; and expanded coverage relating to voluntary governmental compliance programs.

Michael Smith, president of executive liability at Chartis, said: "Economic developments, legislative agendas and recent court decisions have left fiduciaries more vulnerable than ever. Fiduciary Liability Insurance Edge gives business executives and plan fiduciaries state-of-the-art coverage in response to the unprecedented level of risk they face today."

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