Euclid Specialty White Paper – The Duty of Fair Representation: Understanding the Obligation and Preventing the Claim

The underwriters at Euclid Specialty have dedicated our careers to serving the labor movement by providing quality insurance protection for labor leaders. Over the years, we have seen two trends in professional liability insurance for labor-related entities. The first is the collective bargaining exclusion in most non-profit insurance policies issued to labor entities, leaving labor leaders without coverage for their core professional responsibilities. The second is the need for better education in the insurance community as to the scope of the duty of fair representation for union leaders. Most of us have a good idea as to the professional responsibilities of doctors, lawyers, and other professionals, but the duty of fair representation remains more mysterious. We thus asked a prominent labor lawyer at Rivkin Radler to draft a white paper that explains the scope of the duty of fair representation and provides risk management advice as to how labor leaders…

Euclid Specialty White Paper – Investment Considerations under ERISA for Defined Contribution Plan Fiduciaries

As more employers offer defined contribution plans, Euclid Specialty underwriters often field inquiries relating to the fiduciary liability exposure of these plans. The common thread in these questions is whether a defined contribution plan eliminates most fiduciary responsibility. While we readily acknowledge that a self-directed defined contribution plan carries less fiduciary risk than a traditional defined benefit plan, we have become concerned that too many plan sponsors are underestimating the fiduciary responsibilities – and thus liability risk – when offering a defined contribution plan. To help answer some of these questions, we asked the ERISA counselors at the Blitman and King, LLP law firm to author a white paper for our producers and policyholders to highlight some of the fiduciary responsibilities faced by plan sponsors of defined contribution plans under ERISA. We hope this white paper on the investment considerations under ERISA for defined contribution plans is useful to anyone…