Euclid Specialty’s Managing Principal Daniel Aronowitz and Chief Claims Officer Jeff Koonankeil review the claim and liability trends experienced by employee benefit plans across the country. Euclid’s fiduciary experts, who have authored the Fiduciary Liability Handbook and The Fid Guru Blog, will help your employee benefit plan understand the current risks they face, including: A review of the most frequent fiduciary liability claim trends for defined benefit, defined contribution and health and welfare plans; Analysis of Department of Labor and Internal Revenue Service regulatory audits, including plan expenses, missing participant, and mental health parity issues; Special focus on claim trends of multiemployer and governmental plans; Novel cyber and crime claims experienced by benefit plans; Euclid Specialty’s claim predictions for the coming year, including how the recent market losses and coronavirus pandemic might affect benefit plans; and Question and Answers – ask the fiduciary experts Download Presentation Handout Download Webinar Presentation…
Euclid Specialty Managers welcomes Jeffrey Koonankeil as our new Chief Claims Officer. Jeff will be replacing Chris Ziemba, who has worked in a dual Claims Officer capacity with Euclid Specialty and Euclid Transactional, but will now solely focus on Euclid Transactional claims. Euclid Specialty takes great pride in its fiduciary claims expertise and experience, and our ability to resolve complex fiduciary claims for America’s employees benefit plans. The Euclid claims distinctive is our pro-active handling of complex claims in which policyholders have direct access to responsive and experienced decision-makers. Jeff will continue our tradition of responsive claims service and expertise. Jeff brings extensive Professional Liability claims experience to Euclid Specialty, having worked on Fiduciary Liability, Directors and Officers, Employment Practices Liability and Fidelity claims for leading professional liability insurance companies, all core lines for Euclid Specialty. Jeff has over 20 years of experience with national insurance carriers, including CAP Specialty,…
Many fiduciaries find audits by the Department of Labor (DOL) mysterious, so it helps when the DOL provides any type of guidance. The DOL’s Employee Benefits Security Administration (EBSA) recently released 2018 statistics for its enforcement of the Employee Retirement Income Security Act of 1974 (ERISA). When combined with EBSA’s recent commentary on its enforcement initiatives, fiduciaries can be better prepared to address compliance issues before a DOL audit. The following is an analysis of the recently released 2018 statistics, as well as a look at the “national enforcement projects” for EBSA investigators. EBSA continues to target its published enforcement priorities, is focusing on major cases, and is recovering higher overall amounts in its investigations. The Voluntary Fiduciary Correction Program also continues to grow. 2018 Statistics compared to 2017 One specific trend to note is the increase of monetary recovery by EBSA. In Fiscal Year 2018, EBSA closed 1,329…
Get up and get your blood pumping before you hit the classroom on Wednesday. Join your fellow risk management professionals for some laughs and networking while you run or walk the course with friends and colleagues. Proud sponsor of the PRIMA 5K Fun Run/Walk Wednesday, June 7th at 6:15 am at Margaret T. Hance Park in Phoenix Refreshments -- Networking -- Cool T-shirts to all entrants! All entrants receive a drawing chance for a Fitbit! To register for the Fun Run/Walk, add the ticket to your registration via the attendee service portal. Or, meet the Euclid team and register on-site at the conference registration desk Sunday, Monday and Tuesday. Pick-up T-shirts on site at registration. Fun Run/Walk event details: * Buses leave conference hotels (Sheraton/Westin) at 5:45 am with Run/Walk starting by 6:15 am * Flyers with course map at Fun Run registration desk Your $10 registration fee goes to…
Euclid Specialty underwriters provide a comprehensive review of fiduciary liability insurance and offers practical, easy-to-understand steps to ensure that your employee benefit plan clients secure the best protection available. This handbook is the definitive guide for fiduciaries and advisers of employee benefit plans. Topics in the Fiduciary Liability Insurance Handbook include: The Nuts and Bolts of a Fiduciary Liability Insurance Policy Cutting-edge Coverage How does the ERISA Fidelity Bond Differ from Fiduciary Insurance? Application Process Commonly Asked Questions Selecting the Right Limit of Liability Checklist of Key Provisions Unique Issues: Waiver of Recourse Claims Handling And More! Request your complimentary copy today by visiting www.fiduciaryliabilityhandbook.com Euclid Specialty is an insurance underwriting company that specializes in providing the highest quality fiduciary liability insurance and crime coverage for employee benefit plans from non-profit, multiemployer and governmental trusts to employee benefit plans sponsored by for-profit companies. We are a team…
Euclid Public Sector and Euclid Specialty Managers were proud to sponsor PRIMA's 2017 Annual Conference 5k Fun Run & Walk. We had a fun, enthusiastic and energetic group turn out for the event. Check out the pictures or race results from the Fun Run in beautiful Margaret T. Hance Park in Phoenix, AZ. With your support, we were able to raise over $1,000 for the Sojourner Center, a domestic violence service organization in Phoenix that provides more than 10,000 individuals per year with emergency shelter, transitional housing and healthcare. We look forward to seeing you in Indianapolis next year at the PRIMA 2018 Annual Conference. Please contact our team of product experts if we can assist you in any way. Chris Golonka and Jim Marquis Euclid Public Sector, LLC Primary, Alternative Risk and Excess Follow form insurance and reinsurance program for the public sector. 630.981.7622 [email protected][email protected] Daniel Aronowitz and…
Are your governmental benefit plan clients protected by fiduciary liability insurance? Euclid Specialty has published an article featured in PRIMA’s Public Risk Magazine - Governmental Fiduciary Liability Insurance: Protecting Trustees – detailing the risks and fiduciary exposures of Trustees faced with personal liability. While serving on governmental plan boards, many trustees falsely believe sovereign immunity and statutory indemnification provisions provide foolproof protection. As the article explains, the best and only reliable way to protect against personal liability is through the purchase of fiduciary liability insurance. Link to Full Article The article reviews: Why governmental trustees have fiduciary exposure despite not being subject to ERISA The limits of governmental indemnification, including sovereign immunity and statutory indemnification provisions which, unlike ERISA, are not uniform and vary from state to state Increase in claims against governmental plans Key features of governmental fiduciary liability insurance The need for trustees to purchase fiduciary liability insurance…
Dear Partners and Friends of Euclid Specialty, we are celebrating the fifth anniversary of Euclid Specialty, and want to say thank you. We started in November 2011 with the mission to build a great underwriting company based on providing superior expertise in a complex niche. In a world of increasing commoditization, we wanted brokers and employee benefit plans to choose Euclid Specialty because we represent the most prudent choice for your clients with personal assets at risk. We want you to feel confident Euclid Specialty has the very best knowledge and expertise to satisfy your client’s fiduciary responsibilities. Expertise is the bedrock of our company, and we will work every day to provide the best choice for America’s benefit fund trustees and fiduciaries. As we take a moment to reflect on our achievements, we consider the following: We have provided a consistent, reliable and independent fiduciary liability insurance market to…
Dear Partners and Friends of Euclid Specialty, We are celebrating the fifth anniversary of Euclid Specialty, and want to say thank you. We started in November 2011 with the mission to build a great underwriting company based on providing superior expertise in a complex niche. In a world of increasing commoditization, we wanted brokers and employee benefit plans to choose Euclid Specialty because we represent the most prudent choice for your clients with personal assets at risk. We want you to feel confident Euclid Specialty has the very best knowledge and expertise to satisfy your client’s fiduciary responsibilities. Expertise is the bedrock of our company, and we will work every day to provide the best choice for America’s benefit fund trustees and fiduciaries. As we take a moment to reflect on our achievements, we consider the following: We have provided a consistent, reliable and independent fiduciary liability insurance market to…
Without much fanfare and little notice last Fall, Congress directed all federal agencies by July 1, 2016 to begin increasing civil penalties annually with inflation adjustments. On November 2, 2015, Congress passed the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Inflation Adjustment Act) as part of the Bipartisan Budget Act of 2015. The new law directs each government agency to adjust their civil monetary penalties for inflation every year. Agencies across the federal government must determine the last time their penalties were increased and publish interim final rules to adjust their penalties for inflation from that date. Euclid Specialty has drafted a Euclid Perspective to provide a comprehensive overview of the following topics related to the new law: A table of the new penalty amounts adjusted for inflation. What is the appropriate insurance coverage for Department of Labor penalties? What penalty coverage do your clients need?…
