Opinion ID: 2185920
Heading Depth: 2
Heading Rank: 1

Heading: The policy language. The pertinent language of the policy provides:

Text: Insurance Agreement 1. Pension Trust Liability. To pay on behalf of the insured all sums which the insured shall become legally obligated to pay as loss because of any breach of fiduciary duty ... by any other person for whom the insured is legally responsible and arising solely out of the insured's capacity as a fiduciary (as defined in the Employee Retirement Income Security Act of 1974) of any plan named in item 1(a) of the declarations. .... 3. The term loss, shall mean the amount which the insured is legally obligated to pay as damages arising from judgments or settlements of any claim or claims made against it for breach of fiduciary duty, as herein defined, and shall include defense costs, charges and expenses... provided always that such subject of loss shall not include fines or penalties imposed by law .... 4. The term breach of fiduciary duty shall mean the violation of any of the responsibilities, obligations or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto.... (Emphasis added.)