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There are good reasons to consider Pension Trustee Liability insurance from AIG

The Pension Trust Liability Insurance offered by AIG is a combined insurance solution which protects pension trusts and their directors and officers against financial losses caused by claims for breaches of duty.

Trustee responsibilities

Although often unpaid, trustees are expected to understand and keep up to date with the laws and investment principles of their schemes. They must challenge their advisors and employers when they need to. Failure can result in fines or other penalties against them and the company.

Company protection

Pension trustee liability insurance also provides cover for the company and its pension plan. That’s because while in theory the trustee may be personally liable, in practice the risk is often carried by the employer or the pension plan by indemnities and exoneration clauses

Trustee protection

Pension trustee liability insurance is designed to meet defence costs, awards, damages, and investigation costs of anyone like trustees, secretaries or administrators involved in running the pension scheme, who are accused of mistakes or oversights in their duties.

Who is it for?

This cover is suitable for any company operating an occupational pension plan.

What is covered?

The benefits of the Pension Trust Liability Insurance are:

  • simple administration (3-page questionnaire)
  • highly competitive premium conditions
  • quick quotation and policy issuance (each within one week)
  • limit of liability up to CHF 40 million

Cover Enhancements:

  • coverage for crisis management costs (including precautionary legal costs and costs for the recovery of the reputation)
  • automatic coverage for new pension trusts
  • coverage for investigation costs and emergency costs
  • automatic discovery period up to 30 days (may be extended depending on the payment of an additional premium)
  • coverage for the spouse or domestic partner, administrator, heirs, legal representative or executor
  • automatic discovery period of 10 years for retired directors and officers

Claims

AIG has assembled a seasoned team of claims specialists who are experienced in managing some of the most high-profile D&O, PI, employment practices, crime and M&A cases in the industry, for entities of all sizes. Our close in-house collaboration with our underwriting colleagues allows us to facilitate prompt case resolution and the best possible claim outcomes. We offer access to some of the nation's premier attorneys, who have expertise managing even the most complex, sensitive claims and litigation.

To report a claim please contact us:

Phone +41 (0)43 333 37 00 (switch board)
Fax +41 (0)43 333 37 99
Email ClaimsCH@aig.com