Superannuation Fund Trustees Liability

Trustees of superannuation funds are subject to more laws protecting the rights of their members then ever before. There is no room for errors when it comes to managing and administering the fund. Any actual or alleged breach of duty could result in financially devastating legal action, which can threaten the personal assets of the trustees.

Allegations against a trustee of a superannuation fund can arise from a failure to operate the fund prudently through to a failure to correctly calculate members’ benefits.

Employer Sponsored Funds

Vero Profin's Superannuation Fund Trustees Liability insurance protects the trustees of employer sponsored funds by insuring the trustees, the directors and employees of the sponsoring employer as well as policy committee members against actual or alleged wrongful acts.

Policy Features

Coverage for breaches of the Superannuation Industry (Supervision) Act 1993
Covers penalties or fines that are imposed as a result of a breach of the SIS Act.
Includes a Criminal Acts Extension
Covers Superannuation Funds acquired prior to the policy period
Cover for Policy Committee members

Wording
Schedule
Proposal

Master Trusts and Industry Funds

Vero Profin's Superannuation Fund Trustees Liability insurance for Master Trusts and Industry Funds protects the corporate trustee and its directors and employees.

Policy Features

Covers breaches of the Superannuation Industry (Supervision) Act 1993
Covers penalties or fines that are imposed as a result of a breach of the SIS Act
Criminal Acts Insuring Clause
Representation Expenses for investigations that are not yet allegations of wrongful acts
Extension for advancement of defence costs and representation expenses
Covers the superannuation fund listed in the schedule and any fund which prior to the policy period has been merged into or consolidated with the fund

Wording
Proposal