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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.
1 Determines who is a fiduciary based not on title, but rather the advice rendered. 2  The 2010 rule proposed that anyone who was already a fiduciary under ERISA for other reasons or who was an investment adviser under federal securities laws would be an investment advice fiduciary.ut loopholes in the retirement advice rules have allowed some brokers and other advisers to recommend products that put their own profits ahead of their clients' best interest, hurting millions of America's workers and their families.