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Insurance Definition: FIDUCIARY LIABILITY

By Compuquotes Team on March 27th, 2008

FIDUCIARY LIABILITY:

Definition:

  • Legal responsibility of a fiduciary to safeguard assets of beneficiaries. A fiduciary, for example a pension fund manager, is required to manage investments held in trust in the best interest of beneficiaries. Fiduciary liability insurance covers breaches of fiduciary duty such as misstatements or misleading statements, errors and omissions.

Information provided by Insurance Information Institute

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