Euclid Specialty Offers the Penalty Box Umbrella Endorsement
Not sure what penalties are covered in your fiduciary liability policy? Is it in or out? The Euclid Specialty Penalty Box has you covered.
Exposure to regulatory and statutory penalties has exploded in recent years – HIPAA, PPACA, 502 (c), (i) and (l), IRC Section 4975, and so on. New penalties are created and assessed every year. But if a new penalty is not listed in your fiduciary policy, then it is probably not covered. Not with the Euclid Specialty Penalty Box. Our unique Penalty Box Umbrella is designed to cover unanticipated penalties – something no other insurance market has offered.
How does it work?
The Euclid Vanguard Fiduciary Liability policy offers competitive sublimits of coverage for the following: ERISA 502(c) Civil Penalties; PPACA Fines & Penalties, and Section 4975 Penalties, and Voluntary Compliance Program Expenditures. If the assigned penalty sublimit is exhausted, the Penalty Box Umbrella serves as an additional layer of protection, excess of the assigned sublimit. PLUS, the Penalty Box Umbrella serves as a frst-dollar sublimit for any other taxes, fines or penalties assessed against the Plan.
Other Vanguard Fiduciary Policy Highlights:
Admitted single policy limits up to $25 million primary/excess from
Hudson Insurance Company rated A(Excellent)/XV by A.M. Best
Vanguard Elite Endorsement – full policy limit (indemnity and defense) settlor coverage, pre-claim investigation costs and interview coverage
HIPAA and HITECH Fines and Penalties coverage
Trustee Claim Expenses coverage for non-fduciary functions
Duty to Defend and Choice of Counsel
CyberEssentials coverage – First-party cyber coverage
Euclid Specialty is a division of Euclid Program Managers, a family of insurance program administrators specializing in Professional Liability, Executive Liability, Public Entity, Fiduciary Liability and Labor Affnity programs.