Crime coverage to protect employee benefit plans as required by the ERISA Act of 1974.
The Employee Retirement Income Security Act of 1974 (ERISA) was enacted to protect employee benefit plans against loss by acts of fraud or dishonesty. The statute instituted a fidelity bond requirement for plan trustees, and it defined the coverage limit requirements. The ERISA policy must equal 10 percent of the funds handled by a trustee or fiduciary with a minimum limit of $1,000 per plan and a maximum limit of $500,000 per plan. Plans holding employer securities are required to carry a maximum limit of $1,000,000.
Coverages available through the ERISA Fidelity Coverage program:
| Coverage | Maximum Limit | Deductible | Requirement |
|---|---|---|---|
| Employee Theft | 500,000 | Nil | Required |
| Forgery or Alteration | 500,000 | 1% of Limit | Optional |
| Inside The Premises - Theft of Money and Securities | 500,000 | 1% of Limit | Optional |
| Inside the Premises - Robbery or Safe Burglary of Other Property | 500,000 | 1% of Limit | Optional |
| Outside the Premises | 500,000 | 1% of Limit | Optional |
| Computer Fraud | 500,000 | 1% of Limit | Optional |
| Funds Transfer Fraud | 500,000 | 1% of Limit | Optional |
| Money Orders and Counterfeit Paper Currency | 500,000 | 1% of Limit | Optional |
| Agency Coverage | 500,000 | 1% of Limit | Optional |
The content displayed on this website is for informational purposes only and is not an offer for insurance. To apply for insurance, contact your broker.
Coverages referenced on this website may not be available in all territories and may vary depending on the exposure. Minimum premiums may vary by state.
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