Specifications include, but are not limited to:
Fiduciary liability and defense cost insurance. The proposed insurance shall pay on
behalf of the insured(s) all sums, which the insured becomes legally obligated to pay as
a result of any actual or alleged breach of fiduciary duty or administration committed by
an insured(s) or by any other person for whom the insured(s) are legally responsible.
“Breach of fiduciary duty” shall be defined as, or similar to, the violation of any of the
responsibilities, obligations or duties imposed upon fiduciaries by the common or
statutory law of the United States of America or any state or other jurisdiction therein,
including negligent acts, errors or omissions in giving counsel to participants and
beneficiaries with respect to a Plan, interpreting a Plan, handling the records of, or
effecting enrollment, termination or cancellation of participants under a plan.
The proposed insurance policy shall also have the right and duty to defend any suit
to which the insurance applies alleging a claim against the insured(s) even if the
allegations are groundless, false or fraudulent. Any settlement must be with the consent
of the insured(s).