Executor Bonds Insurance Cover to attorneys, accountants and liquidators

Executors of deceased estates are governed by the Administration of Estates Act 66 of 1965, as amended, and are appointed by the Master of the High Court. When drawing up their will, a person may nominate an executor of their choice to administer their estate on their death. Unless the nominated executor has been exempted from furnishing security, or is the parent, spouse or child of the deceased, such executor is required to furnish the Master of the High Court with a Bond of Security in terms of the Act.

Shackleton Risk Management offer executor bond cover to attorneys, accountants and liquidators appointed to administer deceased estates. Attorneys in this market get a free cover through their association with the Law society, but the this cover is limited on an annual aggregate basis. SRM is able to find cover for attorneys that have reached their annual limit or attorneys that require cover on large bonds. The product is also offered to accountants and liquidators that do not enjoy the law society cover.