Coverage
This is excluded from the definition of Loss because it is due under the plan
What are Benefits Due
This coverage should be quoted in addition to FRIP when quoting an ESOP
What is D&O
This retention has been helpful in mitigating our exposure to EF claims
What is the Excessive Fee retention
Fines and penalties for FRIP are sublimited at this amount
What is $250k
This Wrongful Act is added via endorsement
What is Settlor
TRV targets limits of this amount or less for ESOPs
What are $2m or less
A new business opportunity with a DC plan holding this amount of assets is “not in appetite”
What is > $1B
This federal law governs most benefit plans offered by private/public companies
Employee Retirement Income Security Act of 1974 (ERISA)
Multiple-employer and Union plans should be written on this policy form
What is DBPFL (Designated Benefit Plan Fiduciary Liability Policy)
This independent report is required for almost all ESOP accounts
What is the Independent Valuation report
As a best practice, Fiduciaries and Plan Sponsors should complete an RFP of service providers this frequently
What is every 3-5 years
Underwriters should generally offer this $ retention on most accounts
What is $0
These individuals and entities will not be added to the policy for coverage
What are service providers
ESOPs should be at least this old in order to be considered for coverage
What is 3 years
Risks with a plan holding this amount or less in assets are not subject to the strategy
What is $250M
This is a challenge for the Fiduciary product
What is growth
This piece of information about an insured is required for NAVA to pull in DOL data
What is the Employer Identification Number (EIN)
This other “underwriting hat” is encouraged when looking at an ESOP
What is D&O underwriting hat or personal investor (I frequently tell underwriters to think about the risk in terms of whether or not they would purchase shares given the information they have)
This is considered the highest hazard Class of Business for EF exposure
What is health care or health care system
Most of the underwriting information you need for a vanilla risk can be found on this publicly available document
What is the 5500