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Most popular is a stand-alone form or separate fiduciary liability policy. At least two other types of coverage are related to fiduciary liability insurance, and it is important to clarify them. First, fidelity bonds are required by law (ERISA bonding). This is a form of insurance for dishonesty situations.
ERISA Section 3(16) Fiduciary â Plan Administrator. ERISA fiduciary definition: A plan fiduciary is defined under ERISA Section 3(21) as a individual that: 1) has discretionary authority or control with n. respect to management of the plan or disposition of plan assets; 2) renders investment advice for a fee; or has. discretionary authority or responsibility for the administration of the plan.