Our pension trustee insurance helps you perform your role with carefully-designed protection against many liabilities.
Trustees of pension plans in the financial sector can face many potential liabilities due to an increasingly litigious society and government regulation. Chubb’s pension trustee liability for financial institutions gives trustees and sponsoring employers protection against a wide range of claims – from breaches of trust and duty to maladministration and negligence.
RISK SCENARIOS
Who it’s for
Chubb trustee indemnity insurance is ideal for these financial institutions:
Global and domestic banks
Building societies
Asset and fund managers
Insurance companies
Clearing houses
Stockbrokers
What it covers
Chubb’s broad cover protects your company and trustees for a many costs and claims
The cover will pay for:
Costs of legal representation including defence cost
Damages
Judgements
Other expenses
You’re protected against these allegations:
Breach of trust
Breach of duty
Breach of statutory provision
Maladministration
Negligence
Administration errors
Wrongful omissions
Misstatements or misleading statements
CASE STUDY
CASE STUDY
Trustees sued by pension plan members
When a stock surge took a pension account from a deficit position to one of surplus on the eve of transfer, members sued the trustees for failing to properly value the asset. Defence costs alone were estimated to be approximately £2 million with several weeks in court, and the final costs for the trustees were in the region of £5 million. Chubb coverage typically covers these kinds of defence costs and misadministration judgements.
Why Chubb?
Why Chubb?
We’re experts in pension trustee liability – and we care about your business
Whether your business is big or small, takes you around the world or just around town, Chubb is there for you. Our breadth of experience in pension trustee liability means we can provide the guidance and service you need, whenever you need it, wherever you may be.
Partnership that’s personal We work to understand your business and where you’re heading so we can be proactive about meeting your needs. We invest in getting to know you, your team and your customers. The goal: to help you see ahead, be ahead and stay ahead.
Creative problem-solving Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is always evolving because we’re always helping clients avoid risk in smarter ways. That means we bring the latest thinking and a fresh perspective to solving your challenges.
Unmatched expertise and financial strength We’ve served clients and partnered with leading organisations for more than 200 years. Our longevity, expertise and financial strength are the bedrock of our business.
Financial institutions insurance provides coverage to asset management firms, banks and lending institutions, and insurance companies. Chubb offers financial institutions a broad range of customised, reliable protection.
Being in a highly regulated industry requires an investment in risk management and compliance. When banks and other financial institutions choose Chubb as their insurance partner, they benefit in many ways. We offer property and liability insurance for asset managers, banks and lending institutions; there are checks and balances for employee fraud, so avoiding reputational damage, regulatory scrutiny and loss of business. Clients also have access to regulatory compliance mock examination services.
