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The Importance of Fiduciary Liability Insurance

Fiduciary liability insurance is designed to protect individuals and organizations from claims of mismanagement or breach of fiduciary duty. This type of insurance is vital because it covers legal costs and damages that might arise from lawsuits, which can be financially devastating. For example, if a pension plan trustee makes an investment decision that results in significant losses, fiduciary liability insurance can cover the legal defense costs and any settlements or judgments that may follow.