fiduciary liability insurance

Definition

Insurance policy that covers civil damages and legal fees arising from lawsuits against pension benefit administrators that are accused of not acting in accordance with the Pension Reform Act of 1974.

Use this term in a sentence

We needed to get some fiduciary liability insurance because it would help everyone out down the road and especially me.

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When I took the job I was advised to take out Fiduciary Liability Insurance, and after getting slapped with a suit I am glad I did.

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We opted for fiduciary liability insurance as well as a plethora of other insurance types as it seemed to make the most sense in terms of covering our risks.

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