Common use of Fiduciary Liability Insurance Clause in Contracts

Fiduciary Liability Insurance. In the event that the Manager makes any employee benefit plan available to the Property Staff, fiduciary liability insurance in an amount equal to at least $1,000,000 with respect to claims alleging breach of fiduciary obligations under the Employment Retirement Income Security Act of 1974 and any acts, errors or omissions committed in connection with the administration of any employee benefit plans for the Property Staff;