 Who is a Fiduciary?
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Individuals or organizations who exercise authority or control over the management of an employee benefit plan. Specifically, those responsible for investing, controlling or disposing of assets held by the plan.
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Entities that service pension plans, such as consulting firms, law firms, accounting firms, professional administrative firms, investment advisors, investment management companies and trust departments of financial institutions.
What are a Fiduciary’s Responsibilities?
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Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;
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Carrying out their duties prudently;
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Following the plan documents (unless inconsistent with ERISA);
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Diversifying plan investments;
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Paying only reasonable plan expenses;
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Monitoring investments; and
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Avoiding prohibited transactions.
Fiduciary Liability Insurance protects fiduciaries against legal liability for claims arising out of their roles. These policies are stand-alone, yet there are several other protections available for organizations wishing to protect themselves:
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Fidelity bonds are required under ERISA and are designed for safeguarding beneficiaries when administrators or trustees financially harm an employee benefit plan. This bonding insurance is only designed to benefit the plan and beneficiaries and will not protect the trustees from liability claims (the difference as compared to Fiduciary Liability Insurance).
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Employee Benefit Liability (EBL) insurance covers claims arising out of errors or omissions while administering a benefit plan. EBL does not protect against all fiduciary responsibilities and may be included in a Fiduciary Liability policy.
Consider Fiduciary Liability Insurance to protect you and your organization against losses associated with fiduciary error.
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Condo associations have insurance to protect the property, common areas and the structure of the building. These policies do not cover your personal belongings. This is where condo insurance comes into play, which is different from homeowners insurance.
At Neckerman Insurance Services, we understand there's nothing more personal than insurance that covers your home, your car and your valuables. As an independent insurance agency, we can quote your insurance with a number of different companies. Because of this, we are positioned to provide the most competitive condo insurance policies in the marketplace.
Your Responsibilities vs the Condo Association's
Making sure that your condo is properly covered begins with a thorough reading of your condo documents (i.e., by-laws, provisions, regulations, etc.) It may help to have your agent review the papers, paying close attention to items such as:
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What property is your responsibility to insure - the internal walls, appliances, your detached garage?
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What is the potential for loss assessments?
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Does the association or corporation insure common property at its replacement value?
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What is the association's deductible?
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Are you obligated to add any extra coverage or limits?
It's important to keep a home inventory to determine the level of coverage you need for your possessions.
Condo policies generally cover the following:
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Real property: coverage for the structural part of the condominium you individually own such as interior walls, appliances, fixtures, plumbing, ductwork, wiring, carpeting, flooring, possibly private garages, and permanent improvements you make to the property.
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Personal property: possessions that are portable such as clothing, furniture, toys, books, objects of art, home electronics, computers, etc.
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Loss assessment: required contributions that members make for the repair or replacement of property that is owned in common.
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Additional living expense: covers the additional cost of temporary housing, food and other increased costs of living when you are forced from your condominium by a fire or other covered cause of loss.
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Liability coverages: covers you for your negligence in injuring other people or property on your premises (those accidents for which the condo association is not responsible) or through actions related to many of your hobbies. The policy also provides defense coverage, including hiring and paying for a lawyer (if necessary) and paying most court costs.
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Medical payments: coverage is for minor injuries to people other than residents of the household and the payment does not require a lawsuit.
Do you need answers about whether you have proper coverage? Contact us at Neckerman Insurance Services for more information. |
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Term, Whole and Universal Life Insurance |
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At Neckerman Insurance Services, we provide all forms of life insurance including low-cost term life, whole life and universal life insurance. But which type of life insurance is right for you and your family?
Term Life
Term life insurance provides coverage for a stated period of time. Term life is the simplest form of life insurance and was developed to provide temporary life insurance on a limited budget. This coverage is perfect for short-term goals, such as paying off your college education, funeral costs or mortgages. The most common terms are 10, 15, 20, and 30 years.
Term life gives you the flexibility to change your policy should your temporary needs turn into permanent goals. You can convert all or some of your term coverage into a permanent policy for a lifetime of coverage.
Whole Life
Whole life is the simplest form of permanent life insurance and is a good option for those with long-range insurance and financial goals. It features lifelong protection with fixed premiums, a guaranteed death benefit payout and cash value that is guaranteed to grow each year. Whole life protects you for your entire life unless you cancel the policy.
Term vs. Whole Life Insurance
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Term Life
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Whole Life
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"Temporary" life insurance
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Provides protection for a specified period of time (10, 15, 20, 30 years)
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Does not build cash value
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Coverage ends when the policy expires
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Premiums may increase with age
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Good for short-term insurance needs
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- "Permanent" life insurance
- Provides protection for your entire life, as long as the policy is in place
- Accumulates cash value which can be accessed at any time through policy loans
- Premiums are set at a certain amount and do not change
- Premiums are typically higher than term life premiums
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Universal Life
Universal life insurance is a form of permanent life insurance and a great option to help your family prepare for the unexpected. It can provide affordable guaranteed protection and a flexible premium. As premiums are paid, you can build your policy’s cash value which grows tax deferred until you need it. You can choose to pay a lower premium and focus more on guaranteed protection that can last a lifetime.
Whole Life vs. Universal Life
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Whole Life
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Universal Life
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Premiums are not subject to change, so if your financial situation changes and you can no longer pay the premium, you may be faced with unpleasant choices of using your cash value to pay for the insurance or surrendering the policy.
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Monthly bill and unwavering death benefit.
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- The premium levels nor the death benefit are not set in stone. You are allowed to pay premiums for as much and as often as you choose.
- More flexibility by managing premium payments.
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