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Render investment advice for a fee
Have discretionary authority or control over plan management
Have discretionary responsibility for plan administration
As an investment advisor or TPA, you are – and will be held – personally liable for any decisions you have rendered regarding a plan. You can be sued by plan participants, individually or in a class action, the Department of Labor, and/or the IRS. You can be sued for expenses related to the suit including defense costs, judgments, and penalties. And you will be exptected to pay these costs with personal assets, your home, and your business.
You don’t even have to be formally named on the plan to be a fiduciary. Your actions for or on behalf of your client can define you as a plan fiduciary, and you may not even realize it. In today’s litigious climate defined by high-profile lawsuits, the role of fiduciary is an increasingly vulnerable one.
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With the benefit of Extended Fiduciary Liability Protection from Colonial Surety you can protect yourself, your personal assets, and even those of the plan sponsor. Colonial Surety keeps you and the plan sponsor covered. When your client purchases Fiduciary Liability Insurance with Extended Fiduciary Liability Protection on their ERISA/Fidelity bond from Colonial Surety, you are automatically covered as well as any and all individuals involved with the administration of the plan, either within your organization or with your client’s company.
As with every insurance product Colonial Surety offers, getting coverage is fast and easy. When you or your client purchases an ERISA/Fidelity bond online, you can add Extended Fiduciary Liability Protection to the fiduciary liability insurance coverage immediately. Protection stays with the policy for the full term.
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