Early reporting and active involvement by the institution and UE are essential for successful claims resolution. For the most efficient service, please submit new claims to firstname.lastname@example.org. Please include any available documentation, such as:
- Incident Report
- Notice of legal action or demand letter
- Press/media reports
Questions about claims reporting? Simply call (800) 346-7877 and select option 3.
Early reporting and active involvement by the institution and UE aressential for successful claims resolution. An institution that fails to meet the reporting responsibilities outlined in its insurance policy risks denial of coverage or loss of full benefits. Reporting considerations vary with the type of policy.
Individuals involved with managing trustee, medical, disability, life, retirement, pension, and other employee benefit plans are faced with ever-increasing scrutiny and compliance requirements due to ERISA and similar regulations. And, institutions that administer the plans are at risk for claims including:
Under ERISA, an individual is a fiduciary based not on job title, but on whether he or she has control or authority for plan management or administration. This often includes administrative staff, officers, and trustees of the institution. If a plan participant sues for benefits and breaches of fiduciary duty, a fiduciary may be personally liable to restore any losses or to restore any profits made through improper use of plan assets. Transferring investment or plan decisions to an outside party will not remove all liability of the plan fiduciaries.
UE’s fiduciary liability coverage helps educational institutions and their benefit plan fiduciaries reduce risks not typically covered under directors & officers (D&O), employment practices liability (EPL), and educators legal liability (ELL) policies. It protects past, present, and future directors, trustees, officers, employees, and any other fiduciary of a covered plan. Educational institutions that have or are considering UE’s general liability (GL) or ELL coverage should also consider fiduciary liability coverage.
Limits are available up to $10 million. Self-insured retention and excess fiduciary policies are also available. Please contact your UE territory manager to learn more.
Download the following resource to help evaluate the advantage of UE coverage.
Fiduciary Liability Overview
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