Insurance for Retirement Plan Fiduciaries: Liabilities, Limits & Lawsuits

Depending on who you ask, fiduciary liability insurance might not be on the top of their list as the most exciting topic, but it is important.  For my guest today, Reid Eanes, a Senior Vice President with Lockton Insurance Brokers, helping insure fiduciary is from workplace retirement plans is a key part of his day job.  We start with a few basics on how fiduciary liability insurance works and differs from other types of insurance programs a company might have, we then delve into what types of "issues" can be covered, thoughts on how to determine the amount of fiduciary liability insurance and what types of plans are harder or more expensive to insure.  Finally, with all the talk of cyber liability we hit on what employers can do to insure potential risk there.  Oh, and don't miss the part where we talk about what to do if you think you want or need to make a claim on your fiduciary liability insurance policy, some definite do's and don'ts.   Before we get started, if you have been enjoying the podcast if you could either go to your favorite podcast app and either like or leave a comment.  Based on the way their technology works, that goes a long way in helping other people find the podcast.  As our audience grows, it helps me continue to attract great guests and bring you their unique perspectives on workplace retirement plans.   Guest Bio Reid is a Senior Vice President and Practice Leader for the Pacific South region of Lockton Financial Services (LFS), the National D&O and Governance Risk Management Group. Reid has responsibility for the Los Angeles, Irvine, and San Diego LFS teams. Reid is responsible for operations and client servicing for Executive Liability coverages. He provides full contract analysis, coverage negotiation, claims advocacy, and alternative program design. Reid is well versed in the financial and analytical review of companies, from a risk management perspective.  Reid is a regular pubic speaker on the topic of Executive Risk insurance and Governance Risk Management.  Reid works with a diverse set of clients, especially those with more complex risk needs. His expertise includes public and private companies, financial institutions, and healthcare risks  401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 150 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!