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Pension Trustee Liability Insurance

Recommendations by the Financial Services Board have added significantly to the bewildering number of statutory duties and obligations faced by Pension Fund Trustees. Failure to adequately perform their fiduciary obligations, comply with legal requirements or exercise reasonable skill and care in their actions as trustees may put their personal assets at risk. 

AIG South Africa Limited’s CorporateArmour Pension Trustee Liability insurance provides protection for the trustees, the employees, the employer company and the fund itself against claims brought against them for actual or alleged wrongful acts which have placed the plan’s assets at risk. In addition to providing cover for settlement of an action, CorporateArmour Pension Trustee Liability insurance also provides cover for the costs of defending the action – payable as they occur.

FEATURES & BENEFITS

  • Cover for both civil and criminal proceedings.
  • Broad definition of wrongful act.
  • Automatic run off cover for retired trustees if Employer Company does not renew policy.
  • Cover for Employee dishonesty and third party computer & funds transfer fraud.

Who is it for?

This product is suitable for all businesses.

What is covered?

  • Errors & Omissions.
  • Emotional Distress.
  • Advancement of defence costs.
  • Blanket cover for all Pension and Employee Benefit Plans.
  • Legal fees and expenses for investigations into the Insured’s pension arrangements.
  • Automatic cover for new plans.