Superannuation Trustees' Liability Insurance
Superannuation Trustees’ Liability Insurance protects the corporate trustee, its directors, officers, employees and representatives while they execute their duties for the trust.
The policy is essentially made up of the risks that usually form part of typical Directors’ & Officers’ Liability and Professional Indemnity Insurance policies. We also seek to broaden the policy to include coverage for direct losses to the fund as a result of fraud and dishonesty.
A Superannuation Trustees’ policy will provide cover for losses arising from:
Breaches of the Superannuation Industry (Supervision) Act 1993
Penalties or fines imposed as a result of a breach of the SIS Act
Requirements of ASIC’s RG126Representation Expenses for Investigations
Fraudulent acts, such as identity theft
Extension for advancement of defence costs
Importantly, the directors of corporate trustees have a responsibility to not only the company, but also to the fund members. Strong consideration should be given for the addition of a Comprehensive Crime policy so that fund members are protected for direct losses from dishonesty of employees or outside third parties.
For more information on Superannuation Trustees' Liability Insurance please contact us.
Senior Account Manager
+61 3 9657 4394
Email: Sean Lindsay