Trust Services Liability

Trust Services Liability coverage protects against Losses resulting from Wrongful Acts while acting in the capacity as administrator, conservator, guardian, custodian or trustee in rendering or failing to render trust services.

Key Definitions

Losses covered include defense costs, judgments, settlements, and punitive and exemplary damages (where insurable by law). Defense costs for allegations of fraud and violations of law are paid regardless of final adjudication.

Wrongful Acts are defined as any actual or alleged omission, error, misstatement, misleading statement, neglect or breach of duty.

Key Features

Expanded definition of “Claim” includes written and oral demands

The policy does not contain any of the following exclusions:
≡ Regulatory
≡ Past Acts
≡ Mechanical Malfunctions
≡ Custody & Control

Availability

Coverage is available as a sublimit to the D&O Policy or as a separate limit of liability. A separate limit is recommended to preserve the D&O limit of liability.