Fiduciary Environment – Executors, Curators and Trustees (of Trusts)
Bespoke Professional Indemnity, Fidelity Guarantee and Misappropriation of Trust Fund Policy for Executors, Curators and Trustees (of Trusts)
WHO NEEDS THIS COVER?
Genoa’s cover applies to all Principals, Partners, Sole Proprietors and employees appointed as Executor, Curator and (Trustees) of Trusts holding membership to at least one of the following professional bodies:
The policy has been carefully designed to cater for the needs of our fiduciary practitioner clients. The policy offers claims made cover from the ground-up and an excess is applicable in respect of each and every claim.
WHY CHOOSE GENOA?
As Genoas footprint in the liability space continues to grow from strength to strength, we thought we would share with you why more and more brokers are choosing to work with us as their partner of choice:
Our Underwriters are committed to providing our clients with superior turnaround times when issuing quotations and schedules of cover
Our underwriters are experts in their respective fields and are able to offer our clients technical advice which helps empower them to secure an account
We have strong working relationships with the top re-insurers in the country including Munich Re and Swiss Re who support all of our Professional Indemnity products
Through strategic reinsurance partnerships we are able to offer competitive market premiums
Our policies include a number of meaningful extensions that offer true value to our thousands of Insured clients
Our Insured Practitioners are represented by the top law firms in the country, including firms like Clyde & Co, Garlicke & Bousfield, Mac Robert Attorneys, Norton Rose Fulbright and Webber Wentzel
OUR COVER CAN INCLUDE:
There are a number of ways that Executors, Curators and Trustees of Trusts may have a claim against them, these include things like:
- Failing to obtain correct valuations of assets and then selling the assets for under market value in the estate, thus causing a loss to heirs.
- Failing to collect claims in favour of the estate, and thus causing a loss to heirs.
- Mis-managing the financial affairs or failing to invest money in interest bearing accounts causing a loss to a patient.
- Failing to submit tax returns or to settle outstanding accounts causing the trust to incur costs or penalties (a loss)
These are just a few reasons why Professional Indemnity cover is necessary. This section of cover offers indemnity arising as a result of alleged negligent acts, errors or omissions which arise in the performance of the Estate Administration services, duties and obligations of Executors, Curators, and Trustees (of Trusts) which the Insured undertakes in the course of its usual business.
Fidelity Guarantee Cover
Fidelity Guarantee covers the loss of money or property sustained by the business/practice as a direct result of fraud, dishonesty or theft by an employee in the course of employment.
Third-Party Impersonation Fraud
This cover is underwritten by Commercial Crime Concepts and covers Loss of money belonging to the Insured, or which is in the Insured’s care, custody and control resulting directly from an insured Employee having, in good faith:
(a) transferred money from the Insured’s own accounts; or
(b) amended the banking details of a customer, supplier, or service provider in the Insured’s EFT payment systems
as a result of a fraudulent instruction (via e-mail, telephone or facsimile), communicated to an
Employee of the Insured, by a person purporting to be:
(i) a director, officer, partner, member or sole proprietor of the Insured or other Employee of the Insured; or,
(ii) a customer, supplier, service provider or adviser, or a representative or employee of such person or entity, that has a legitimate written agreement or a pre-existing written arrangement or agreement to provide goods or services to the Insured.
The cover granted under this Insured Event is subject to the condition that prior to making the transfer or amending the current payment details, the Employee of the Insured receiving the fraudulent instruction has Verified that the instruction has been received from a genuine person described in Clause (i) or (ii) above.
Misappropriation of Trust Funds
This section of cover offers indemnity for the replacement of trust funds and/or property of an insolvent estate/company where the claim arises out of theft, unauthorised borrowing or misappropriation of such money and/or property by the Insured; provided that:
- a) funds were held in a Third Party Trust Account; or
- b) property was entrusted to the Insured on behalf of the deceased estate/ curator estate or trust;
Need this cover?
Our team of Broker Consultants are ready to answer any questions you may have