Failure to collect contributions exclusion

{
  "id": "MLC-T-INS-001447",
  "term": "Failure to collect contributions exclusion",
  "field": "Insurance and risk management",
  "definition": "A policy provision in fiduciary liability insurance that eliminates coverage for losses resulting from the fiduciary's failure to collect contributions owed to an employee benefit plan. This exclusion applies when fiduciaries do not take reasonable steps to gather payments from the employer or other contributing parties as required by the plan documents. The Employee Retirement Income Security Act (ERISA) of 1974 sets forth the legal standards for fiduciaries regarding the collection of plan contributions.",
  "url": "https://mlchart.com/terminology/insurance/failure-to-collect-contributions-exclusion/"
}