Executor Insurance is a specialized insurance policy designed to protect individuals serving as Executors of an estate. Acting as an Executor is a significant responsibility, requiring you to manage, distribute, and settle the estate of a deceased person. This role can expose you to financial and legal risks, especially if mistakes occur or disputes arise. Executor Insurance provides financial protection and peace of mind by covering potential liabilities associated with administering an estate.
Suitable for lay executors and administrators, as well as law firms, making arranging legal indemnity insurance quick and hassle-free, with policies arranged in just a couple of minutes. Executors can arrange protection in perpetuity, with cover starting once the estate has been distributed, and with no excess to pay in the event of a claim. A policy can include one of a mix of:
Early Distribution Insurance - protects the executors, personal representatives and beneficiaries in the event of an Inheritance (Provision for Family and Dependants) Act 1975 related claim.
Section 27 Insurance - protects the executors, personal representatives and beneficiaries in the event of a claim from an unknown creditor. Cover can be arranged without a Section 27 notice, provided a free Equifax or Experian Statutory Deceased Credit Report has been produced, although we can quote offline without a report.
Missing Will Insurance - protects the executors, personal representatives and beneficiaries in the event of a claim resulting from a newer Missing Will being discovered.
Missing Beneficiary Insurance - protects the executors, personal representatives and beneficiaries in the event of a claim from an unknown beneficiary. For estates under £350,000 cover can be arranged without a full genealogy report, just a verified family tree going back a minimum of three generations.
Developed specifically for probate. Lay executors can buy a policy in a couple of minutes, with the option to buy a short-term or annual policy, with three levels of cover to choose from. There are no cancellation fees, so if the property is inherited, occupied or sold earlier than expected, provided there have been no claims the estate will receive a pro-rata refund.
Unoccupied Home Insurance - Ideal for properties empty due to sale, renovation, extended absence, or care needs.
As an Executor or administrator, you have a lot of responsibility when it comes to managing the estate of a deceased person. You are responsible for paying debts, distributing assets, and filing paperwork. This can be a complex and time-consuming process, and there is always the risk of making a mistake.
The various executor insurance policies can help protect you and other executors liability if you make a mistake.
At Kinherit, we recognize the complexities of acting as an Executor. We can help you arrange comprehensive Executor Insurance though our partner network. Contact us today for an introduction.
Start your estate planning journey today with our expert guidance.