Professional Liability Insurance for Pension Professionals
CIMA’s professional liability (a/k/a errors and omissions) insurance program for pension professionals has provided stable, comprehensive coverage at competitive pricing for over 25 years. Our coverage safeguards your business from claims arising from actual or alleged negligent acts and eases the financial burdens that can accompany professional liability claims. Our underwriters, Lloyds of London, the world’s specialist insurance market with a 325-year history, is rated “A” (excellent) by AM Best & Company.
- Broad definition of professional services includes pension actuaries, pension and benefit administrators and consultants, third party administrators, life and health agents, investment advice when no fee is charged, notary public, and acting as a fiduciary under ERISA (does not include employee sponsored health and welfare plans).
- Broad definition of insured includes you, your business, your past and current officers, directors, stockholders and employees, lawful spouse, heir and executors.
- Pay on behalf contract wording.
- Mutual selection of counsel.
- Limits available up to $5 million.
- Defense expenses can be in addition to the limits of liability.
- Personal injury coverage included.
- Automatic 90-day extended reporting period.
- Optional 1, 2 and 3-year, extended reporting periods available for an additional premium.
If you are considering alternative markets
Since starting our program, we have never withdrawn from the market. We have never made a practice of luring customers in with low pricing the first year, only to impose substantial increases at renewal. Instead, we have remained a stable force through “hard” and “soft” markets.
Before considering another market, we encourage you to make certain the price you are quoted is for coverage comparable to ours – including all the features listed above.
For more information, please contact Debbie Custis toll free at 800.468.4200 or direct at 703.778.7302.