CIS provides Fiduciary Dishonesty bonds for investment advisors, third party administrators and other service providers who contract with clients to provide services that involve discretionary authority over an employee benefit plan. This bond responds to the exposure that the investment advisor, third party administrator and other service providers face when managing their clients' employee benefit plans. The coverage is only applicable to dishonesty acts by employees of the investment advisor or other service provider and does not eliminate the need for the employee benefit plan to carry their own ERISA Bond.
This alternative coverage solution eliminates the need for the investment manager or other service provider to be named on an "agents endorsement" on the ERISA bond maintained by the clients' employee benefit plan. The coverage is designed to address Section 412 ERISA bonding requirements.
"Nothing stated herein affects the terms, condition and coverages of any insurance policy or bond issued by any of the referenced insurers, nor does it imply that coverage does or does not exist for any particular claim or type of claim under any such policy or bond. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations."
Coverage underwritten by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183