PRLog - Nov. 10, 2010 - Dresher, Pennsylvania – November 10, 2010 – Ascensus, a leading retirement plan solutions provider, announced a new Fiduciary Liability Insurance Program designed to help protect the assets of plan sponsors and the personal assets of fiduciaries from claims arising out of breach of fiduciary duty or negligent acts, errors or omission in plan administration. Offered through its sister company, Crump Property and Casualty Insurance Services (Crump P&C), the program helps provide protection beyond the required fidelity bond.
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Under the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for any retirement plan losses due to errors, omissions or a breach of their fiduciary duty. Lawsuits may be brought by plan participants, their legal estates as well as the Department of Labor and the Pension Benefit Guarantee Corporation. Partnering with two leading insurance carriers, Crump’s Fiduciary Liability Insurance Program is a cost-effective solution to help protect the company, its plans, and the personal assets of its executive and employee fiduciaries.
“In recent years, assets in the retirement space have grown to more than $15 trillion and as a result of this increase and the down draft of investments in the poor economy, there are more legal challenges for fiduciaries,”
“Any company that offers employee benefits, not just 401(k) plans, may be exposed,” explained Jacqueline LaRock, vice president for Crump P&C. “Avoiding errors does not eliminate exposure, and plan sponsors and fiduciaries must protect themselves and their personal assets. Our Fiduciary Liability Insurance Program helps protect those who have fiduciary responsibilities not only for 401(k) plans, but also employee benefit plans, welfare benefit plans, pension benefit plans, health savings accounts and other plans or programs that may or may not be subject to ERISA. Our coverage is comprehensive, the pricing is competitive and the process to obtain a quote is streamlined and easy to use. We believe this program will be well-received in the market.”
About Crump Property & Casualty Insurance Services
Crump Insurance Services, Inc. (Crump P&C) is part of Crump Group, the nation’s largest insurance wholesaler. As the property & casualty insurance division of Crump Group, it is made up of Crump wholesale brokerage locations across the U.S. and in Bermuda, Five Star Specialty Programs and Hanleigh Insurance. Crump P&C is a market leading independent wholesale distributor of property and casualty insurance, linking an extensive network of retail brokers and agents to products provided by over 150 leading insurance carriers. Crump P&C offers specialty underwriting capabilities, numerous in-house binding authorities, accident and sickness products, and supports the wholesale placement of a wide range of specialized commercial insurance solutions. Its experienced brokers serve as a single connection point for its retail clients to access domestic and international insurance companies. Additional information is available at www.crumpins.com, www.5starsp.com and www.hanleighinsurance.com.
With more than 30 years of industry experience, Ascensus delivers high-quality solutions for every segment of the retirement plan marketplace. A division of Crump Group, Inc., a leading provider of retirement services and the largest, most diversified wholesale insurance distributor in the U.S., Ascensus services nearly 27,000 defined contribution plans in the micro to large markets and administers over 1.5 million IRAs. Core capabilities include ERISA consulting, compliance support, sales, trust services, multilingual participant education, training and documentation. Solutions are offered with open architecture investment capabilities tailored to the needs of institutional partners, third party administrators, financial advisors, plan sponsors and participants. Learn more at www.ascensus.com.
The precise coverage afforded in this program is subject to the terms, conditions and limitations of the policies as issued. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss and the terms, conditions and limitations of the policy as issued. Ascensus and Crump Property & Casualty Insurance Services are affiliates. Ascensus is not licensed to sell insurance, and all sales will be made through Crump. Crump will receive compensation for any coverage purchased.