Insuring Fiduciary Risk: Core Concepts, Dispelling Myths & Mistakes to Avoid

Guest: Dana Kopper

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With all of the 401(k) and ERISA lawsuits floating around these days, we have gotten a fair number of questions from employers about fiduciary liability insurance.  We have also made reference on several prior episodes that it is critical to ensure you have a well crafted fiduciary liability insurance.  As they say, never bring a knife to a gun fight, so I reached out to the biggest gun I know,  Dana Kopper, a Managing Director and an Professional Liability Insurance specialist with Lockton Insurance Brokers.  After nearly forty years in the business, handling thousands of claims, being integrally involved in countless settlements, Dana shares some of his insights on how fiduciary risk management, insurance and indemnification all work hand in hand to protect both employers and their retirement plan fiduciaries.  He also dispels a few myths, shares some stories and offers a few thoughts on what not do when it comes to fiduciary liability insurance.  

Guest Bio

Dana Kopper is a Managing Director with Lockton Companies, LLC, Directors & Officers and Governance Risk Management Group. Lockton is the world’s largest privately-held risk and insurance management services firm with 4,450 employees operating out of offices in 39 countries. 

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Dana has provided a broad range of governance and risk management consulting and transactional services to public, private, for-profit, and not-for-profit organizations for the past 38 years. 

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He is one of the country’s leading D&O and professional liability brokers – a noted expert (court qualified expert witness) in the areas of international directors’ and officers’ legal liability, investment management professional liability, governance infrastructure design, board effectiveness, director accountability, organizational compliance efficacy, and associated risk mitigation strategies. Dana was recently selected as the AIG 2012 Broker of the Year. 

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Dana has lived and worked throughout the U.S., Europe, the Middle East, and Asia. He is actively involved with international directors’ and officers’ liability and corporate governance including recent emphasis on U.S. exchange listed Chinese firms in Beijing, Shanghai, Hong Kong, and other cities. 

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Prior to his career in risk and insurance management, Dana was a federal agent with the U.S. Air Force Office of Special Investigations (OSI) – criminal investigations, counterintelligence and counterterrorism.