Financial Lines & Crime Cluster

Trustee Liability

In the event of any actual or alleged wrongful acts, negligence and fraud by an officer of the Trust or Fund, Trustee liability insurance provides cover for the legal liability and/or direct financial loss suffered.

Forms & Downloads

To continue to offer the levels of service and expertise that we do, at iTOO we require the financials for review along with a completed proposal form.

General Trustees

Please complete this proposal form for combined Crime and Civil Liability indemnity for Trustees of a General Trusts.

Pension Fund Trustees

Please complete this proposal form for combined Crime and Civil Liability indemnity for Trustees of a Pension and Provident Funds.

Why get your Trustee Liability covered by iTOO?

At iTOO our specialists understand the intricacies around Trustee Liability and are equipped to handle these challenges.

Our policy structure includes:

  • Legal Liability – cover for claims against the fund or trustees alleged negligence or a wrongful act (breach of duty).
  • Theft, Fraud and Dishonesty – cover for the fund arising out of the dishonesty of any of the trustees.
  • Third Party Computer Crime – protection for the fund from outsider fraud via the insured’s computer systems.

We are different

At iTOO you can always be assured of exceptional professionalism and service. Our specialists are experts in their respective fields and are always up to date with current industry regulations, requirements, rulings and adjustments.

Claim examples

Scenario

A trustee misappropriates funds of a pension fund.

Scenario

The trustees fail to carry out a full due diligence and, as a result, a foolish investment decision is taken, resulting in financial loss to the fund.

Scenario

The trustees fail to follow due procedure in either locating or allocating funds to all beneficiaries.

How to claim

For any claim queries contact:

011 351 5000 or ITOONewClaims@itoo.co.za

You’re in the hands of an expert. You can always be assured of professionalism, quick turnaround times and world-class technical knowledge. We’ll keep you in the loop every step of the way. Simply send us an email detailing your claim and our claims department will contact you for specific details.

Trustee Liability Contacts

FAQs

What limit of indemnity should the fund purchase?

As each fund and its requirements vary substantially, it’s important to refer to your broker to provide you with the best advice.

Does the policy cover third party fund administrators?

No we don’t, we specifically tailor our cover to cover trustees.

What deductibles (policy excess) are applicable to the policy?

Our Legal Liability section has no deductibles, but the Dishonesty and Third Party Computer Crime section will carry a deductible.