Glossary

Fellow employee coverage is an endorsement to the business auto policy (BAP) that provides coverage for claims made by an injured employee against a fellow employee who caused or contributed to the injury.

The fellow employee exclusion is one in liability policies that eliminates insured status for an employee of the named insured organization with respect to injury that employee causes to another employee.

By endorsement to the general liability policy with fellow employee suits coverage, insureds can provide coverage for claims made by an injured employee against a fellow employee who caused or contributed to the injury.

Fellow in Risk Management is a professional designation awarded to persons who have completed a 10-course program that includes the 3-course Associate in Risk Management (ARM) or Canadian Risk Management (CRM) program plus several other elective and required courses and a final examination.

A fictitious grouping law prohibits the making of groups solely for the purpose of purchasing insurance.

A fiduciary is defined by the Employee Retirement Income Security Act (ERISA) as individuals or corporations falling into three categories that focus on those who exercise discretionary control over certain benefit plans and those who render investment advice for compensation.

A fiduciary bond guarantees that the individuals or legal entities appointed by the court to oversee the property of others will execute those appointed duties in good faith and be accountable for any deficits that may occur.

Fiduciary liability is the responsibility on trustees, employers, fiduciaries, professional administrators, and the plan itself with respect to errors and omissions (E&O) in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).

A bank's fiduciary liability endorsement can be added to the general liability policy. This endorsement provides general liability protection for the financial institution, its executive officers or employees, trust beneficiaries, and others as delineated in the endorsement for bodily injury (BI) or property damage (PD) liability arising out of the ownership, maintenance, or use of property in any trust for which the named insured is acting in a fiduciary or representative capacity.

Fiduciary liability "follow-on" claims are litigation instituted by 401(k) plan participants (sometimes called "tag-along" claims) against the directors and officers of corporations who are also defendants in securities class action lawsuits.