Beazley vs Lockton Fiduciary Liability Insurance

Beazley underwrites fiduciary liability coverage for the individuals who administer employer benefit plans, sold standalone on its dedicated Fiduciary page and as one of three coverages bundled in its ExecuGuard package policy alongside D&O and employment practices liability. ^5,3Company-reported. US fiduciary liability as described on the two reviewed product pages; does not establish which entity issues a particular policy.

Lockton places fiduciary liability insurance to protect companies and the individuals who manage their employee benefit plans against claims of mismanagement; Lockton is the broker, not the insurer. ⁹Company-reported. Fiduciary liability product page as read 2026-09-23.

The Fiduciary product page does not name the specific Beazley insurance entity that issues the policy. ⁵Not found in reviewed sources. Fiduciary page as read on 2026-09-23; the issued policy's declarations control the actual insurer.

The page does not name the insurers Lockton places fiduciary liability coverage with. ⁹Not publicly disclosed. Fiduciary liability page checked 2026-09-23.

Not described in the reviewed sources.

Lockton says coverage under a fiduciary liability policy it places typically extends to the organization, the benefit plans, employees, subsidiaries as defined in the policy, spouses/domestic partners, estates/heirs, past employees retained as fiduciaries or consultants, and committees and trustees. ⁹Company-reported. Fiduciary liability product page as read 2026-09-23.

Beazley explains that fiduciary liability protects the individuals responsible for running employee benefit plans, such as health plans, pension plans and 401(k) accounts, from personal liability if a claim is made against the plan, a personal exposure the page says many plan sponsors don't realize they have. ⁵Company-reported. Fiduciary product page description; exclusions and conditions are set by the issued policy.

The policy includes statutory-claim sublimits of US $250,000 for claims under the Pension Protection Act of 2006, ERISA Section 502(c), Internal Revenue Code Section 4975 and the PPACA, plus a separate US $1,000,000 sublimit for HIPAA claims and up to US $1,000,000 in coverage for HIPAA civil fines. ⁵Company-reported. Fiduciary product page sublimit list; these sublimits sit inside, and are lower than, the overall policy limit.

Beazley includes "omnibus" pension and welfare plan language (intended to automatically cover newly created or acquired benefit plans), a US $25,000 sublimit for IRS and DOL voluntary compliance programs other than HIPAA, and settlor-capacity protection now written into the fiduciary insuring clauses. ⁵Company-reported. Fiduciary product page feature list; actual plan-coverage scope depends on the issued policy wording.

Lockton says a typical fiduciary liability policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when explicitly stated, certain fines and penalties such as under HIPAA, the Pension Protection Act and the ACA. It also notes fiduciary liability is distinct from an ERISA bond, which is legally required and insures plan assets against theft under a crime/fidelity policy, whereas fiduciary liability is not legally required but covers governance and decision-making risk. ⁹Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.

Beazley advertises fiduciary limits up to US $20 million, with an optional additional defense limit available; the statutory sublimits described above apply within that overall limit. ⁵Company-reported. Advertised maximum capacity, not a guaranteed quote amount.

Not described in the reviewed sources.

Fiduciary policyholders get free access to BeazleySure, Beazley's online risk-management platform, which the Fiduciary page describes as providing loss-prevention content on employee-benefits topics. ⁵Company-reported. Fiduciary product page service description; actual entitlements depend on the policy purchased.

Not described in the reviewed sources.

The Fiduciary page lists a downloadable ExecuGuard application as its Tools & Resources item, rather than a fiduciary-only application, indicating fiduciary coverage is typically quoted together with the combined ExecuGuard package. ⁵Company-reported. Fiduciary product page Tools & Resources section as read on 2026-09-23.

Not described in the reviewed sources.

Beazley says fiduciary policyholders get pre-approved choice-of-counsel flexibility, but the reviewed page does not otherwise describe fiduciary-specific claims handling beyond that; general policy notice and claims-contact guidance is provided on Beazley's separate claims-notification page. ⁵Company-reported. Fiduciary product page as read on 2026-09-23; claims-handling quality is not independently assessed.

Lockton's Professional & Executive Risk Claims team integrates insurance and claims counsel within the broking team, which Lockton says is meant to have claims strategy in place before a fiduciary liability claim arises. ⁹Company-reported. Fiduciary liability product page as read 2026-09-23.