I was asked recently about fidelity insurance. As I mentioned in a prior post, fidelity insurance is employee theft coverage; AKA employee dishonesty insurance. Fiduciary coverage is very different. Fiduciary coverage is liability protection against allegations that you have violated the federal law governing employee benefit plans - known … [Read more...]
Fidelity vs Employee Dishonesty
November 24, 2011
Client Question - What's the difference between fidelity insurance and employee dishonesty insurance?Answer - The terms are synonymous. The following all mean the same thing:Employee Crime InsuranceEmployee Theft InsuranceFidelity InsuranceFidelity BondEmployee Dishonesty InsuranceEmployee Dishonesty BondCrime Fidelity InsuranceCrime Fidelity Bond … [Read more...]
Fiduciary vs ERISA Fidelity
January 7, 2010
The question came up yesterday when I was discussing the need for fiduciary liability coverage, "Do we need that plus the fidelity bond?" ERISA is the federal law that governs employee benefit and welfare plans. I makes administrators of plans personally liable for mistakes. That's what fiduciary covers - think of it as errors and ommissions … [Read more...]
