Chubb vs 
Marsh: How Do They Compare for Fiduciary Liability Insurance?
Chubb directly underwrites fiduciary insurance for private companies; Marsh places policies for retirement-plan sponsors that typically cover defense costs, damages, judgments, and settlements.
Marsh says a typical fiduciary policy will not pay contractual benefits owed by a plan; Chubb lists wrongful benefit denials among ForeFront allegations and includes the plan as an insured. 1,3
What Are the Key Differences Between Chubb and Marsh Fiduciary Liability Insurance?
ForeFront Package Versus FINPRO Claims Advice
Chubb underwrites fiduciary within ForeFront Portfolio 3.0. Marsh’s FINPRO practice places it for retirement-plan sponsors and fiduciaries, and Marsh describes advising on limits and carrier selection rather than issuing the policy. 1 2 3 4
Contractual Liability Versus Allegation Lists
Chubb lists allegations such as wrongful denial of benefits, prohibited transactions and failure to administer a plan according to its documents. Marsh says a typical policy covers defense costs, damages, judgments and settlements from breach of duty or from negligence, errors or omissions in administering a plan, but does not cover contractual liability, so it cannot guarantee a plan’s obligation to pay benefits due. 1 3
Who Is Insured
Chubb names the company, executives, employees and the employee benefits plan. Marsh says a typical policy insures the sponsor organization, the benefit plans it operates, and plan fiduciaries who are directors, officers or employees of the sponsor. 1 3
Controls Work Versus Loss-Prevention Packs
Chubb publishes ForeFront fiduciary loss-control materials. Marsh says FINPRO helps identify red flags in fiduciary controls, builds programs from limit assessment to carrier selection, and provides claims advocacy from the first notice. 2 3
What Should You Confirm in Chubb and Marsh Fiduciary Liability Insurance Quotes?
- Ask Marsh whether Chubb is a carrier it would select for your plan. 3 1
- Confirm how Marsh’s contractual-liability point sits next to Chubb wording on failure to administer according to plan documents. 3 1
- Compare Marsh’s recommended limit with the unpublished figures on Chubb’s public page. 3 1
- Ask how Marsh claims advocates would work with Chubb after a notice of claim. 3 1
Chubb vs Marsh Fiduciary Liability Insurance Compared
Chubb vs Marsh: Fiduciary Liability Insurance: documented features by provider
| Criteria | Chubb ForeFront Portfolio 3.0 Fiduciary Liability Insurance | Marsh Fiduciary Liability Insurance |
|---|---|---|
| Who It’s For | Chubb says private-company underwriters located across the U.S. handle this product and are experienced in a broad spectrum of industries. 1Company-reported. Coverage Highlights, Benefits section. | Marsh says a fiduciary liability policy typically insures the sponsor organization, the benefit plans it operates, and plan fiduciaries who are directors, officers or employees of the plan sponsor. 3Company-reported. Fiduciary liability page, Who is covered? FAQ. |
| Coverage Features | Chubb lists coverage responding to allegations including wrongful denial or improper change in benefits, error or omission in plan administration, improper advice or counsel, prohibited transactions, failure to administer a plan according to its documents, conflict of interest, and imprudent investment or selection/monitoring of third-party service providers. 1Company-reported. Coverage Highlights, Coverage Responds to allegations list; subject to the policy as issued. Chubb says the policy insures the company, the company's executives and employees, and the company's employee benefits plan itself. 1Company-reported. Coverage Highlights list. | Marsh says a fiduciary liability policy typically covers defense costs, damages, judgments and settlements from a fiduciary's breach of duty or from negligence, errors or omissions in administering a benefit plan, but does not cover contractual liability, so it cannot guarantee a plan's obligation to pay benefits due. 3Company-reported. Fiduciary liability page FAQs; illustrative policy description, not a specific policy form. |
| Role in This Line | Chubb underwrites Fiduciary Liability insurance directly through ForeFront Portfolio 3.0, designed to protect a privately owned company, its fiduciaries and its benefit plans against personal liability for errors, omissions or breaches of fiduciary duty related to benefit plans. 1Company-reported. ForeFront Portfolio 3.0 Fiduciary Liability product page. | Marsh's FINPRO (financial and professional) practice places fiduciary liability insurance for retirement plan sponsors and fiduciaries; MMA also lists fiduciary coverage within its executive and professional liability practice. 3,4Company-reported. Marsh fiduciary liability page and MMA executive and professional liability page. |
| Risk Services | Chubb says Fiduciary Liability policyholders have access to loss-prevention resources, and separately publishes Fiduciary Liability Insurance Loss Control Services materials within the ForeFront Portfolio. 1,2Company-reported. Coverage Highlights Benefits section; ForeFront Portfolio hub page lists a separate Loss Control Services resource. | Marsh says its FINPRO practice helps clients identify red flags in fiduciary controls, builds fiduciary liability programs from limit assessment to carrier selection, and provides claims advocacy to help resolve claims from the outset. 3Company-reported. Fiduciary liability page, Why Marsh section. |
