D&O vs Fiduciary Liability: What’s the Difference?
D&O addresses management claims; fiduciary liability addresses alleged mishandling of employee benefit plans.
The relevant question is what duty the person was performing.
Corporate oversight or management may fall under D&O, while discretion over plan administration or assets can create ERISA fiduciary exposure. DOL says fiduciary status depends on function, and D&O forms may exclude ERISA-related claims. Side A/B/C distinctions do not substitute for a fiduciary-liability grant covering the plan and fiduciaries. Check the D&O exclusion, fiduciary policy’s definition of plan and insured, claim and loss terms, and any shared aggregate across a management-liability package. Confirm the plan and each relevant committee or trustee are included.
