Member Services Information
The following article is authored by Jeffrey Gelburd, CPCU, ARM, Vice President of Murray Securus, located in Lancaster, PA. Mr. Gelburd developed The ESOP Association endorsed Executive Liability Insurance Program in 1989. Information about the program can be found on the Association’s website here. For additional information, please contact Mr. Gelburd directly at 717-620-2476 or by email at firstname.lastname@example.org.
Effective January 1, 2013, Murray Securus, the administrator of The ESOP Association’s affinity insurance program insuring over 250 ESOPs around the country and Great American Insurance Company introduced a new policy endorsement that expands the fiduciary liability insurance protection available to Association members.
The insurance policy extensions available through this endorsement are as follows:
- Will cover civil penalties under HIPPA, 502(c) of ERISA, the Pension Protection Act of 2006, the Patient Protection and Affordable Care Act (PPACA) and certain penalties under the Internal Revenue Code and ERISA
- Now covers certain expenses associated with numerous voluntary compliance resolution programs administered by the IRS, PGBC and DOL
- Will include the cost of hiring an outside trustee as part of the defense costs on a covered claim.
- Expands the definition of covered Wrongful Acts to include claims made against the insured solely by reason of their status as a settlor of a covered Plan.
- Provides contingent bodily injury coverage for claims involving the denial or delay of benefits under a Welfare Plan.
- Expands coverage to those plans that are maintained in a jurisdiction outside of the United States.
This endorsement is available in most states and can be offered to new policyholders or to current insured’s in The ESOP Association’s affinity program at the time of their next policy renewal.