Sally Corbin, CEO of Union Services Agency joined Ullico Casualty Group Vice President Tina Fletcher on an ERISA panel last month in Ohio. This panel discussed the importance of insurance that protects plans and trustees. Sally went into great detail about the following insurance coverages:
- ERISA Bonds - is coverage intended to protect the plans from dishonesty and fraud committed by individuals who are associated with them. A fidelity bond is insurance coverage which reimburses an employer for losses resulting from dishonest acts of employees.
- Union Liability - coverage is broadly provided for past, present and future directors, trustees, officers, employees, board and committee members, shop stewards and business agents. Coverage also applies for the union and other designated additional Insureds or organizations.
- Worker's Compensation - is a state-mandated insurance designed to ensure payment by employers for some part of the cost of injuries, or in some cases, occupational diseases, received by employees in the course of their work.
- Student Accident Insurance - covers apprentices, instructors, journeymen, trainees, training directors and committee members while participating in training events under direction of the JATC.
- Nonprofit Directors & Officers - protects against a breach of “duty” by the directors and officers.