Distinguish decisions from dishonesty
A fiduciary liability allegation may concern benefit-plan administration or decisions. Fidelity protection concerns defined dishonest acts or losses under its wording. In the United States, ERISA bonding requirements are a separate question from fiduciary liability insurance. Ask the plan’s advisers to identify applicable duties before comparing products.
Which obligation is addressed by each policy or bond?
Name the plan and the people
List plan types, sponsors, administrators, committees and external service providers. Ask who qualifies as insured and how plan assets or participants are described. Do not assume directors’ and officers’ protection automatically answers benefit-plan fiduciary allegations.
Are the relevant plans, entities and decision-makers within the insured definition?
Make the next conversation useful
Bring the current documents and explain any changes. These details are a useful starting point:
- Plan types and participant counts
- Plan assets and financial information
- Governance documents and committee roster
Ask the provider to connect its answer to the actual policy or eligibility terms, including exclusions, dates and reporting conditions. Keep the confirmed answer with the offer.
Sources & further reading
General insurance principles and the jurisdiction-specific references below support further reading. Examples are illustrative; individual policy terms require provider confirmation. Content updated October 11, 2026.