A high level of responsibility is placed on Superannuation trustees to ensure their performance benefits fund members. If their actions are seen to be in breach of this, trustees can be exposed to significant personal liability.
CGU offers an insurance product called Superannuation Trustees Liability Insurance. It is designed to meet the complex risks faced by Australian trustees and protect their personal assets. This policy also extends to reimburse the Trust fund or employer where they have been called upon to pay legal costs on behalf of the Trust.
A broad and flexible definition of ‘Insured Person’ applies, covering all past, present and future trustees of the fund.
The key features of CGU’s Superannuation Trustees Liability Insurance are:
Advancement of defence costs
Libel and slander
Loss of documents
Reinstatement of policy limit
Spousal liability cover
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