Shackleton Risk provides Security Bonds to Liquidators, Trustees, Curators and Executors. We pride ourselves on our service delivery, and on understanding the unique requirements of our individual clients in this specialized area of insurance. Shackleton assists clients in lodging their Security Bonds throughout the country, and obtaining their certificates of appointment as a matter of urgency. Contact the Shackleton representatives closest to you for assistance, or for any further questions you may have.
To understand more about our Security Bond products, please read further below on our various offerings in this particular market.
These are lodged with the Master of the High Court when a Liquidator or Trustee is appointed in an insolvent estate. The Bond is provided by the Insurance Company to guarantee that the funds of the estate are not misappropriated by the Liquidator or Trustee. It protects the creditors and other beneficiaries of the estate.
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 by the Mater of the High Court, such executor is required to furnish the Master of the High Court with a Bond of Security in terms of the Act.
These bonds are lodged with Master of the High Court. The Bond is provided by the Insurance Company to guarantee that the funds of the estate are not misappropriated by the Liquidator or Trustee. It protects the creditors and other beneficiaries of the estate.
Shackleton Risk Management with expert experience in the insurance guarantee market, have targeted the Curator Bonding Market. Many Curators battle to find capacity in the local market for bonds of this nature, but SRM in conjunction with Safire are able to provide attorneys, accountants and liquidators cover for bonds of any size.
There are two different types of Curator bonds that Shackleton Risk Management are able to place:
Curator Bonis Bonds issued in terms of The Prevention of Organised Crime Act
These are given to the Master of the High Court when a Curator is appointed to take care of the estate of person/company whose assets have been seized under as proceeds of crime. This Bond is provided by the Insurance Company to guarantee that the funds of the estate are not misappropriated by the Curator.
Typically these bonds are issued in favour of the Master of the High Court to guarantee the obligations of a person appointed to hold the assets of another, until such time as the High Court has made a final ruling that these assets are to be forfeited to the State. The persons affected by such a court order are criminals who have acquired such assets through criminal activity.
Curator Bonis Bonds relating to an incapacitated person’s estate
These Curator Bonds are required by a person appointed to administer the estate of an incapacitated person who is unable to manage his/her assets, or the estate of a minor who has come into an inheritance and is not yet of an age to manage his/her assets. Shackleton Risk Management is able to provide cover for curators appointed to handle the estates of incapacitated persons, if these curators are attorneys, accountants or liquidators.