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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.
Wrap SPD Document Requirements: Group insurance Certificates of Insurance are typically not SPDs because they do not contain all of the language required by ERISA. An employer must prepare an ERISA wrapper to supplement the Certificate of Insurance.Together, the wrapper and Certificate of Insurance comprise a proper SPD. An employer may wish to consolidate its various component benefit plans into a single plan for reporting and disclosure.rap SPD Document Requirements: Group insurance Certificates of Insurance are typically not SPDs because they do not contain all of the language required by ERISA. An employer must prepare an ERISA wrapper to supplement the Certificate of Insurance.