Alliance Risk vs THREE by Berkshire Hathaway: How Do They Compare for Fiduciary Liability Insurance?

Alliance Risk places fiduciary liability coverage as a broker: it reviews a company's current coverage and markets the risk to carriers that specialize in fiduciary liability. ⁴Company-reported. Fiduciary liability product page; Alliance Risk does not underwrite the policy itself.

THREE presents Fiduciary Liability as a component of its combined Business Owners Policy rather than identifying it as a separate standalone policy on the reviewed product page. ⁸Company-reported. Company-described U.S. package structure. The page does not establish underwriting terms or that every listed category will be included for every applicant.

The reviewed fiduciary liability page does not name the insurer that would issue a policy; it says Alliance Risk markets a company's risk to carriers that specialize in fiduciary liability, so the issuing insurer depends on the placement. ⁴Not publicly disclosed. Fiduciary liability product page as read on 2026-09-23.

The linked sample policy's declarations identify Berkshire Hathaway Direct Insurance Company as issuer. ⁷Company-reported. This is the issuer named on the public sample only; the sample does not establish the issuing entity for every state-specific quote or buyer's issued policy.

Alliance Risk targets fiduciary liability coverage at any employer sponsoring a 401(k), defined benefit pension or health plan, including multi-employer and union plans, nonprofits, sole proprietors and partnerships with plans, and professional groups managing partner retirement plans; it says even plans fully outsourced to a TPA still need fiduciary coverage because the sponsor retains oversight liability. ⁴Company-reported. Fiduciary liability product page; eligibility for a particular company depends on underwriting.

Alliance Risk says a company should add fiduciary liability coverage when it launches a 401(k) or similar benefit plan, because ERISA fiduciary duty attaches the moment the plan goes live. ⁵Company-reported. Management liability page's program-staging guidance, describing fiduciary liability specifically among the three bundled lines.

The reviewed product page does not state separate eligibility rules for Fiduciary Liability; the general quote and advisor route is not proof that a particular business qualifies for it. ^8,6Not publicly disclosed. Eligibility and state availability remain unestablished for an individual risk until THREE returns its quote and applicable forms.

Alliance Risk lists legal defense costs, settlements and judgments, and Department of Labor audits and penalties as typically covered, responding to claims such as excessive-fee litigation and imprudent investment selection; it says criminal and fraudulent acts, bodily injury and property damage, and employee dishonesty (covered instead by an ERISA fidelity bond) are excluded. ⁴Company-reported. Fiduciary liability product page; coverage and exclusions described in general terms, subject to the policy as issued.

THREE's Business Owners Policy page lists Fiduciary Liability among its marketed coverage categories in the combined policy. This describes the product page, not whether the category appears in a particular quote or responds to a loss. ^8,7Company-reported. Official THREE package marketing for Fiduciary Liability. The sample policy is state-selectable and does not establish that this item is included in every quote or issued policy.

Alliance Risk states standard fiduciary liability deductibles it sees range from $5,000 to $50,000, with smaller, lower-risk plans qualifying for lower deductibles and higher deductibles reducing premium at the cost of more out-of-pocket exposure in a claim. ⁴Company-reported. Fiduciary liability product page FAQ; illustrative range, not a quote for any particular plan.

Alliance Risk says entry-level management-liability packages that bundle fiduciary liability with D&O and EPLI often share a single aggregate limit, so a large D&O or EPLI settlement earlier in the policy year can reduce what is left for a fiduciary claim; it says a specialist broker structures shared versus separate limits to manage that risk. ⁵Company-reported. Management liability page's discussion of bundled D&O, EPLI and fiduciary programs.

The reviewed public product page does not state a separate limit or deductible for Fiduciary Liability; THREE says the quote-specific insurance summary lists limits and deductibles. ^8,7Not publicly disclosed. No number is inferred from the sample policy. The quote and issued declarations control the buyer-specific limit and deductible.

Alliance Risk offers a no-charge review of an existing fiduciary liability policy, identifying gaps and exclusion risks and comparing the program to market options. ⁴Company-reported. Fiduciary liability product page, Get Your Fiduciary Liability Risk Review section.

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For a fiduciary liability quote, Alliance Risk asks for the plan type, number of participants, total assets under management, current coverage and limits, whether an ERISA fidelity bond is in place, and a five-year claims history of DOL audits and participant complaints, and says it typically delivers proposals within a few business days. ⁴Company-reported. Fiduciary liability product page, What We Need for Your Quote section; timing is a company estimate, not a guarantee.

THREE directs small-business prospects to an online quote and says licensed Small Business Advisors can help with the process. ⁶Company-reported. This is the route for the overall THREE product. It does not show whether Fiduciary Liability will be offered for a particular business or whether a customer can bind that line without an issued policy.

The reviewed fiduciary liability page does not describe an Alliance Risk claims-handling or claims-advocacy process; it discusses what a fiduciary liability policy covers rather than how Alliance Risk itself supports a claim. ⁴Not found in reviewed sources. Fiduciary liability product page as read on 2026-09-23.

Confirm in your quote.