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Hollard-backed SMSF covers gain market support

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Two Hollard-backed covers aimed at the self-managed superannuation fund (SMSF) market are achieving success since their launch last year.

CoreSuper SMSF Trustee Administrative Penalties Insurance and CoreSuper Tax Audit Insurance have received positive feedback from Self-managed Independent Superannuation Funds Association (SISFA) members.

The covers are sold to members through the SISFA trustee membership package, which is also distributed via general insurance brokers.

“What SISFA has done is created a self-managed super fund trustee membership and, as part of that trustee membership, they can elect to have or not to have the insurance component,” product co-creator Brenden Turner told insuranceNEWS.com.au.

“It’s been very well received by the professional industry of the advisers, accountants, auditors, as well as the trustees.”

Individual or corporate trustees of SMSFs that incur administrative penalties under section 166 of the Superannuation Industry Act and costs for preparing Tax Office-directed compliance and tax audits are covered, according to the insurance policy.

Hollard is the policy insurer, and its authorised representative CoreSuper administers the product, including handling and settling claims.