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 AIG Australia > For Businesses > Management Liabilities > Financial > FinancialGuard™ Super Trustees
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What is it?
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A comprehensive product for superannuation trustees covering actual or alleged breach
of trust, breach of statutory provision, breach of regulation made pursuant to a
statutory provision, neglect, error, omission, libel, slander, maladministration,
misstatement, misleading statement, or misleading conduct by the Insured with respect
to a fund.
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Why do you need it?
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The AIG Australia Superannuation Trustees Liability Insurance policy is a tailored
solution to meet the complex exposures faced by Australian superannuation trustees.
Standard insurance products may not provide cover for the liability placed on trustees,
so for protection of the trustee and the fund assets, the trustee needs appropriate
trustee liability insurance.
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Superannuation trustees owe a fiduciary duty to the trust beneficiaries, however,
this common law duty is not the only one imposed upon them. Each state and territory
in Australia has specific trust legislation, and the federal government has taken
control of superannuation funds with the Superannuation Industry (Supervision) Act
1993. Other state and federal laws also impact the industry, such as stamp duties,
taxation, industrial relations, discrimination, social security and family laws.
The corporate trustee is also governed by corporations law which imposes additional
duties on the trustee as a director or officer. The trustee is personally accountable
for their actions and the complex legal environment in which they operate means
that these exposures need to be mitigated with an insurance policy that is tailored
specifically to superannuation trustees. We offer FinancialGuard™ Superannuation
Trustees Liability.
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Who needs it?
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Superannuation Trustees
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Case Studies
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Todays superannuation trustee faces a broad range of exposures, some examples of
specific risks are:
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- Failure to maintain adequate supervision to prevent the fraudulent withdrawal
of fund assets
- Conflicts of interest between the duty owed to the fund and the employer company
- Failure to monitor an outside fund managers poor performance, which could lead
to a direct claim
- Failure to ensure the collection of contributions from an employer company
- Transferring assets between schemes being effected under the wrong rules
- Incorrect advice regarding benefits to a retiree
- The sale of fund assets in a depressed market
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Find out more
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Contact us
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