An industry association is looking at providing professional indemnity insurance for advisers specialising in self-managed super funds advice.  

The Self-Managed Super Fund Professionals’ Association of Australia (SPAA) has been conducting an online survey of its members on the topic. 

“We are trying to gauge the interest and how valuable advisers would find specialist PI cover,” SPAA Technical Director Peter Burgess told insuranceNEWS.com.au.

“We understand our members have PI cover for self-managed super funds advice, but they may not have cover for some technical issues such as in-house assets.”

The survey has asked members whether their present insurance covers the penalties included in the Superannuation Industry (Supervision) Act as well as advice that includes prudential, structuring, administration and audit.

To gauge the level of support for specialist cover, the survey is asking members if they would buy the cover if it was at a reasonable price.

“At this stage we are just gauging the interest in such cover and the results from the survey so far have been encouraging,” Mr Burgess said.

He says the association is “just testing the market at this stage” and hasn’t been in talks with any insurers.

“We will be compiling the results from the survey during the next couple of weeks and will then have a clear picture of the potential demand.”