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Fiduciary Afterthought Now A Hot Topic

For Professional Liability Underwriters, Buyers

Securities class-action tag-alongs, as well as cash-balance issues raise red flags

To Chubb’s fiduciary product manager, John Coonan, activities like reading The Wall Street Journal or looking at the Web site of a particular plaintiffs’ law firm have become pretty gut-wrenching experiences in recent years.

Gone are the days when the greatest worries for fiduciary liability insurers were claim payouts that fell in the $5-to-$10 million range, mainly for defense costs, and when fiduciary liability placements for brokers were an afterthought to directors and officers liability coverage.

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