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Encore Fiduciary


Encore Fiduciary provides expert insurance protection for American employee benefit plans. With experienced underwriters and proactive claims management, we specialize in fiduciary risk and offer a range of liability coverages.



Encore Fiduciary is a leading underwriting company that specializes in providing fiduciary liability insurance for America’s employee benefit plans. With experienced underwriters, decision-making authority, and a proactive claims management philosophy, Encore Fiduciary is committed to providing superior insurance protection and a high level of underwriting and claims service to its policyholders. In addition to fiduciary liability insurance, Encore also offers other critical management liability insurance coverages to protect employee benefit plans and plan fiduciaries.

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Qualified Accounts for Our Policy

  • Pension and health plans sponsored by for-profit and non-profit entities
  • Defined contribution plans
  • Defined benefit plans
  • Health and welfare palns
  • Cash balance plans
  • Multiemployer Plans
  • Governmental Plans
  • Employee Stock
  • Ownership Plans (ESOPs)
  • VEBAs
  • Endowments
  • Church Plans And Others

Contact us to discuss client eligibility

Product & Program Highlights

  • Limits capacity – $25 million on a primary or excess basis
  • Rare feature of Duty to Defend and Choice of Counsel
  • $0 retention for Non Indemnifiable Loss
  • Full settlor coverage referenced under the definition of Wrongful Act, coverage for pre-claim investigation costs with no sublimit for DOL investigations (affirmatively including the IRS), and interview coverage for other regulatory investigations
  • Penalty Coverages: includes PPACA and Healthcare and Education Reconciliation Act; IRC section 4975 – all in base form- full statutory limits for HIPAA/HITECH violations
  • Expanded Voluntary Compliance Program which includes Employee Plans Compliance Resolution System (EPCRS), Audit Closing Agreement Program, Voluntary Compliance Resolution Program, Walk-In Closing Agreement Program, Administrative Policy Regarding Self Correction, Tax Sheltered Annuity Voluntary Correction Program, Delinquent Filer Voluntary Compliance Program, and the Voluntary Fiduciary Correction Program
  • Managed Care Services Coverage available via endorsement – full limit of liability
    Trustee Claim Expense/Non-fiduciary coverage available via endorsement – defense coverage for non-fiduciary claims at 25% of the limit up to $2m
  • The Euclid Penalty Box Endorsement – Umbrella of penalty coverages expands protection when underlying sub-limits for penalty coverages are exhausted
    No Hammer Clause
  • 502(i) and 502(l) at full statutory limit
  • Equitable Relief arising under Section 502(a)(3) of ERISA
  • Civil Penalties imposed pursuant to Section 203 of the Bipartisan Budget Act of 2013
    502(c) & Pension Protection Act – loss in the form of civil penalties or excise tax imposed pursuant to these items
  • Reinstatement of the Voluntary Compliance Program Expenditures Sublimit available via endorsement – increases the available sublimit when the underlying sublimit is exhausted
  • Cyber Essentials available via endorsement – unique offering of first-party Cyber coverage includes content restoration and crisis notification expenditures for information breaches
  • Broad definition of key coverage terms: who is an insured (including Plan Sponsor); what is a claim; and what is a wrongful act
  • Independent Fiduciary Expense – covers retainer fees and expenses
  • Benefit Overpayment Coverage available via endorsement – coverage for benefit miscalculations by the Plan that

Multiemployer Benefit Plans

  • Encore Fiduciary is a leading underwriter for multiemployer benefit plans with our market leading Vanguard Fiduciary Liability Insurance policy written with Hudson Insurance Company. encore Fiduciary has provided a consistent, reliable and independent fiduciary liability market to protect Multiemployer plans and their trustees. We have been at the forefront of our industry introducing valuable coverage enhancements in our Vanguard fiduciary policy form. This helps create peace of mind for the Plan Trustees charged with the responsibility to act as Prudent fiduciaries under the law of ERISA.

Governmental Benefit Plans

  • Encore Fiduciary is the market fiduciary insurance leader for governmental plans. America’s best-run governmental plans choose Euclid to protect their plans. Our deep fiduciary experience and expertise allow us to provide a better approach for Fiduciary insurance for governmental plans. We provide transparency and choice based on the level of indemnification available to fiduciaries as many plans unsuspectingly purchase insurance that does not offer full coverage. We offer indemnifiable and non-indemnifiable options for government plans including Side A coverage. For more details about our Fiduciary insurance product, please download our “Encore Fiduciary Product Overview.” 



Dan Aronowitz, Managing Principal

Office: 571.730.4811



© 2022 Specialty Program Group, LLC DBA SPG Insurance Solutions in California; all rights reserved

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