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Our analysis of the industry has shown that the current market offering falls short of providing Fiduciary Practitioners with the necessary levels of protection required.
In response to this, ShackletonRisk has partnered with Genoa Underwriting Managers to address the pressing need for a bespoke product which indemnifies Fiduciary Practitioners in respect of their legal liabilities to estates and trusts which they are administering.
This policy is easy to understand and provides protection for practitioners who face two core risks in their business as Executors, Curators and Trustees
• Professional Indemnity; and
• Misappropriation of Trust Funds
The sections of cover are also severable so that the practitioner can choose which cover he/she requires most.
This section of the policy indemnifies the insured against its legal liability to pay compensation (including claimant’s costs, fees and expenses) as a result of any actual or alleged negligent act error, or omission which arises in the performance of their professional duties.
Unlike a standard PI Policy, we offer the following extensions:
This section of the policy indemnifies the insured in respect of any legal liability incurred in reimbursement and/or replacement of funds and/or property belonging to an estate or trust where the claim arises out of theft, unauthorised borrowing or misappropriation of such funds and/or property by an Insured subject to the exclusions and provided that:
a claim is first made against the Insured by a third party, funds were held in a Third Party Trust Account; and the funds and/or Property had been entrusted to the Insured on behalf of the estate in his/her capacity as appointed Executor, Curator or Trustee of the estate or Trust and not as agent, or sub-contractor.
MOTF is offered in 3 ways:
Unlike conventional Misappropriation of Trust Fund Policies we offer the following extensions:
For more information or to set up a consultation, please contact either:
Richard Lynn – CA(SA) | +27 82 803 8495 | email@example.com
General Manager: Liability Insurance
+27 11 784 5373 | firstname.lastname@example.org
3 On Crescent
3 Cascade Crescent
033 264 8500
+27 86 637 4584