Trustees Liability Insurance

The law imposes on trustees a number of duties that they must discharge using the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others.
Failure to meet these obligations can result in trustees being held personally liable for the breach, which can place their assets at risk and whilst a trust may provide an indemnity to the trustees for claims made against them, the cost to the trust of meeting such obligations can place an undesirable burden on its assets.

Trustees Liability insurance indemnifies trustees against claims for liability arising from alleged "Wrongful Acts" in performing their duties as trustees. Reimbursement cover is provided to the trust (and in some cases the Employer Company if applicable) where it provides an indemnity to trustees in accordance with the indemnity provisions of the trust deed. "Wrongful Acts" will typically include an actual or alleged breach of trust, breach of duty, neglect, error, mis-statement or other acts wrongfully committed or attempted by the insured in the course of their trustee duties.