ERISA - Quick & Easy Submission Process
Employee Retirement Income Security Act of 1974
- Requires those who handle funds to be "bonded"
- 10% of funds handled; $1,000 - $1,000,000
- Non-qualified assets - updated rule
- New limits effective 12/31/2007
Coverage
Helps protect the client's ERISA plan from loss due to the fraud or dishonesty of defined individuals.
Ways to Obtain Coverage
- Create a separate policy naming the plan or plans
- Include as part of crime coverage on business itself - (better to name plans vs. reliance on omnibus wording)
Policy:
Here are a few key facts about the Bond Center's ERISA business:
- Last year the Bond Center issued over 30,000 ERISA Bonds
- We do not automatically increase premium at renewal
- We do not use "manifest intent" language in our bond policy terms
- Our Bond is written on a Discovery basis vs. Loss Sustained
- For 1Step users, ERISA booking is a quick, four screen-flow process
Quick & Easy Submission Process:
You can now request ERISA (non-union) fidelity bonds with one phone call providing basic information to the Bond Center. No application required on limits up to $1,000,000. In most instances, the policy can be issued and sent electronically before the call is completed. If you prefer, you can also fax your ERISA submission to 877-257-2166 or email it to the following address for your specific territory: BUCNorth@thehartford.com; BUCCentral@thehartford.com; BUCSouth@thehartford.com; BUCWest@thehartford.comBond Center Phone: 888-656-0817
[PRINTER FRIENDLY VERSION]
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