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Published byAlfred Tolhurst Modified over 8 years ago
Pension Fund Trustees Liability Ncedi Mbongwe
Introduction to Camargue Underwriting Managers Established in 2001 Underwriters: Mutual and Federal and Lloyd’s General Liability Directors and Officers Liability Employment Practices Liability Professional Indemnity Commercial Crime Pension Fund Trustees Liability; Medical Malpractice; Providers of Liability Risk Management Services
Sections 1.Errors and Omissions 2.Fraud/Fidelity 3.Computer Crime
The Cover The Fund is covered against: -Errors and omissions (Negligence) -Theft and fraud (perpetrated by an officer) -Third party computer crime
The Cover Trustees and principal officers receive: Professional indemnity cover Fund receives: Fidelity cover and Third Party Computer crimes cover
What is a ‘loss’? Damages, judgements, settlements, costs and expenses awarded against the Insured, as well as costs and expenses incurred with the written consent of the Insurer and costs of legal representation.
Whom is the policy covering? Losses caused to the Fund by an officer The Pension Funds Act definition of an Officer states: “An Officer, in relation to a fund, means any member of a board, any manager, principal officer, treasurer, clerk or employee of the fund, but does not include an auditor … or a valuator …” The policy wording defined ‘Officer’ as: a present or past committee member, manager, trustee, principal officer, treasurer, clerk or employee of the Fund.
Things to Consider
Considerations Cover is a statutory and governance requirement: Pension Funds Act, Regulation 30(2)(u) PF130: “Good Governance of Retirement Funds” Underinsurance Service providers’ PI/FG Service providers’ SLAs
Risk Management Benefits
Value-Added Services Private arbitration services (TOKISO Dispute Settlement) Trustee and principal officer education Governance surveys Bank account verification for large payments LIMIT
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