There is often confusion over the similarities between the policy for Pension and Welfare Fund Fiduciary Responsibility Insurance and the Employee Benefits Liability (EBL) endorsement for the Commercial General Liability Coverage portion. Although some coverage duplication exists in the area of administrative errors and omissions, the thrust of the two forms is different.
The EBL endorsement was designed primarily to provide coverage for administrative errors and omissions for a large variety of benefit plans. The Fiduciary policy form was designed to cover ERISA (Employee Retirement Income Security Act) exposures of fiduciaries for specifically designated plans to the extent that they are caused by a “wrongful act”. Fiduciary Liability vs. Employee Benefits Liability Tip Sheet.
