Fidelity Bonds & Trustee Insurance
Administrative Retirement Services, Inc. has partnered with Colonial Surety Company to offer online access to purchase or renew your ERISA/Fidelity Bond. Colonial Surety is a national insurance company registered in all 50 states and all U.S. territories, providing insurance products since 1930. They are the largest direct seller of ERISA/Pension Fidelity Bonds in the United States.
Get a quote online for immediate issuance of a fidelity bond. You will be directed to the Colonial Surety website in a new window.
Please enter referral code IL0226 into the form that appears on the Colonial Surety website.
Colonial Surety Company is a national insurance company specializing in direct issuance of Professional Liability Insurance, ERISA/Fidelity Bonds and contract surety (bid and performance bonds).
Incorporated under the laws of the Commonwealth of Pennsylvania on March 19, 1930, Colonial Surety Company is licensed in all states, District of Columbia, Guam, Puerto Rico, Northern Mariana Islands and U.S. Virgin Islands and is reinsured by Partner Reinsurance Company of the U.S. Partner Reinsurance Company of the U.S. is rated Superior by the A.M. Best Company, and Colonial Surety Company and it's reinsurer are approved licensed sureties for all Federal and Federally financed projects.
Financially strong with over 80 years of experience, Colonial Surety Company is Treasury listed, rated Excellent by A.M. Best Company and enjoys positive reviews regarding exceptional financial history, service and support systems.
ERISA/Fidelity Bond
ERISA mandates qualified plans be covered by a fidelity bond. The minimum bond amounts required must be for a least 10% of plan assets as of the beginning of the plan year plus the anticipated contribution for the plan year or $1,000, whichever is greater. The maximum bond required is generally $500,000.
Fiduciary Liability Insurance
Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. With the additional focus on fiduciaries and their responsibilities for ERISA plans, many employers are discussing fiduciary liability insurance.
ERISA section 410 allows a plan to purchase insurance for its fiduciaries or for itself covering losses occurring from fiduciary breach.