Self-Managed Super Funds (SMSF) have become a very popular financial vehicle in recent years.
Individuals have more options and more control over their investment strategies. They take more responsibility for their own money.
Super Fund Trustees Liability
With this responsibility comes an obligation for regulatory compliance. SMSF trustees (not necessarily the beneficiary) are legally obliged to ensure their fund’s compliance with superannuation legislation in Australia. The ATO imposes a range of penalties for non-compliance, depending on the seriousness of the breach.
Given that very few trustees of SMSF’s come from a compliance background, it’s in your best interests to hold a Trustees Liability policy in case you make a mistake.
Claims may arise from contestations of a will, mismanagement of a trust or lack of investment strategy, failing to insure assets, failure to include adequate life insurance policies and so on. It’s an area that most trustees take advice on, but at the end of the day, the buck will stop with them if their management of the fund is negligent.
Super Fund Trustees Liability Insurance is a valuable risk management strategy and can be arranged by our office.
Self-Managed Super Fund Asset Insurance
High net worth and self-managed super funds come with substantial risk and regulation; at R&M this has been our speciality for more than 20 years. And our history is bedded alongside navigating all that is superannuation services and administration.
Collectables and personal use assets Insurance will cover you for loss or damage to collectables that form part of your Self-Managed Super Fund (SMSF) such as artwork, jewellery, sculptures, classic car collections, wine collections and antiques. If you are purchasing collectibles or personal assets, it is both essential and law to have adequate cover. In other words, if you’re going out and buying a Ferrari, you don’t insure it with budget level insurance – neither would you purchase a Rembrandt and expect your office contents to cover it.
Purchasing a specialist piece requires specialist insurance and there is none more experienced than R&M Insurance Brokers.
It is essential that you have adequate cover for any high-value items or collectibles that add to your SMSF, after all, these items are an investment in your future, and it is in your best interest to fully protect your investment.
Effective from the 1st of July 2016, any new and/or existing collectables and personal assets purchased by a fund must be adequately insured in the name of the fund within 7 days of purchase.
Key Features of our Super Fund Assets Insurance
- Worldwide coverage
- Tailored policy wordings to suit individual super funds
- A range of insurers that we can go to for the most appropriate cover
- Personal service so you know who you’re dealing with when the time comes to claim