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Extended Trustees Liability InsuranceVirtually every practitioner holds or is likely to hold a Trusteeship appointment at some point in time. Most Professional Indemnity Policies restrict cover to accounting advice given in that capacity, and do not necessarily apply to other claims that may arise while acting as a Trustee. The Abacus Professional Indemnity Policy has for some years included a wider indemnity for directors or partners and employees who hold these appointments, but the extent of the coverage is limited to the "services" performed by the director or partner or employee concerned. In addition, the terms and conditions of a Professional Indemnity Policy are different from a tailored Trustees Liability Policy, and do contain restrictions that are unique to Professional Indemnity cover. For example: exclusions for insured versus insured and employer versus employee claims and exclusion for the liability for incurring trading debts. Practitioners who accept appointments as trustees of clients' trusts do face significant responsibilities and liabilities. |
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The difference is that no "service" need to have been performed by the representative concerned, so the mere allegation of joint and several liability will be enough to provide indemnity - even if the actions of client co-trustees were taken without the representative's knowledge, or involve an element of fraud. In addition, certain exclusions such as claims from co-trustees or by employees of the trust have been removed to broaden the scope of the cover provided. - Refer to Section B in the Proposal Form (pdf file 79KB). |
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The files contained on this page are in Adobe Acrobat pdf format. If you do not have Adobe Acrobat, click HERE to download a free copy from the Adobe site. |
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