Fiduciary Liability vs. D&O: What Is the Difference?

A combined policy may include both, but separate grants, limits, and exclusions can apply. Match the coverage to the capacity in which someone is sued.

Do not assume a broad “management liability” package makes the two interchangeable. Compare the fiduciary and D&O forms attached to the quote: who is insured, what counts as a claim or wrongful act, whether defense expenses erode each limit, how claims are allocated, and whether one shared aggregate applies. Check for exclusions concerning benefits, plan matters, or insured-versus-insured claims, and confirm how the carrier handles a complaint asserting both corporate and plan-related conduct.