A fiduciary liability policy provides protection for the trustees of a "qualified" retirement plan against "personally" being held liable for any "wrongful act" in
managing the plan, subject to ERISA regulation. This insurance protects a trustee from having to defend him/herself with his/her own resources subject to the trustee's individual net worth.
A fiduciary liability policy provides protection for the trustees by defending and indemnifying them against such actions.
