D&O vs Fiduciary Liability: What’s the Difference?

A corporate governance allegation may fall within a D&O policy, while a claim about administration or assets of an employee benefit plan raises a separate fiduciary exposure. Hartford describes fiduciary liability as protection against suits alleging benefit-plan mismanagement. DOL says ERISA fiduciary status depends on functions such as discretion or control, not simply a person’s title. A business leader can occupy both roles, but one policy should not be assumed to cover the other. Check D&O ERISA exclusions, the separate fiduciary policy’s insureds and plans, and whether limits are shared across a management-liability package.

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.