Fiduciary liability

{
  "id": "MLC-T-INS-001493",
  "term": "Fiduciary liability",
  "field": "Insurance and risk management",
  "definition": "The legal responsibility of an individual or entity acting as a fiduciary to manage assets or affairs for another party with prudence and loyalty. Breaches of this duty, such as mismanagement of pension funds or failure to disclose conflicts of interest, can result in legal claims. Fiduciary liability insurance protects fiduciaries against such claims.",
  "url": "https://mlchart.com/terminology/insurance/fiduciary-liability/"
}