The fee waiver exception is a standard exception to the fiduciary liability policy that excludes coverage of claims caused by a fiduciary’s failure to collect contributions owed to a pension or retirement plan. Impact most often occurs in union-sponsored multi-employer plans. However, since the collection of contributions to pension and benefit plans from companies participating in a multi-employer plan is an activity under the control of the policyholder, such claims are excluded because the insurers do not intend to provide “financial guarantee insurance”. However, many of the forms provide protection against allegations that insured individuals have failed to collect the premiums due under the benefit plan.