DESIRED COVERAGE - Fiduciary liability and defense cost insurance. The proposed insurance shall pay on behalf of the insured(s) all sums, which the insured becomes legally obligated to pay from the retroactive date of September 1, 1999 through the specified policy period as a result of any actual or alleged breach of fiduciary duty or administration committed by an insured(s) or by any other person for whom the insured(s) are legally responsible. “Breach of fiduciary duty” shall be defined as, or similar to, the violation of any of the responsibilities, obligations or duties imposed upon fiduciaries by the common or statutory law of the United States of America or any state or other jurisdiction therein, including negligent acts, errors or omissions in giving counsel to participants and beneficiaries with respect to a Plan or the investments therein, interpreting a Plan, handling the records of, or effecting enrollment, termination or cancellation of participants under a plan. The proposed insurance policy shall also have the right and duty to defend any suit to which the insurance applies alleging a claim against the insured(s) even if the allegations are groundless, false or fraudulent. Any settlement must be with the consent of the insured(s).
