Pension Trustee Liability Insurance
Provides coverage for the trustees of a pension scheme, as well as employees and the company itself for potential fiduciary liability to the extent they are involved in managing the scheme. This coverage is similar to Directors and Officers Liability Insurance, but reflects that trustees rather than directors are legally responsible for directing the affairs of a pension scheme. Policies also provide for the advancement of defence costs in defending a claim.
Live Pensions Trustee Liability policies run for 12 months, whilst run-off policies for schemes in wind-down tend to have a six or twelve year term to reflect the statute of limitations or limitation on the breach of deed.