Many CLA members will be aware that being a trustee of a family trust or other form of trust is a very responsible role with numerous duties. There can be stringent regulation and laws that need to be complied with, especially connected to the rural community where land and estates are involved.

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Ultimately, a trustee is empowered and expected to make the right decisions on behalf of the trust. Whilst acting as a trustee can be rewarding and fulfilling, it carries a degree of risk. Even despite best endeavours, people can sometimes make honest mistakes when judgement is required. As a trustee, if you make a mistake that has a negative impact on the trust, financially or to its reputation, you could be personally liable.

 

Why is Trustee Indemnity Insurance so important?

It protects the individual from any personal liability relating to any claims of breach of trust or negligence, as well as non-compliance with laws and regulations.

 

The risks of not being properly insured

Without adequate insurance cover, the trustee would have personal exposure to any claim raised as trustees are individually accountable for their actions. Not only that, they could also be potentially liable for the actions of other trustees.

Trustees provide a vital role in society and to the trusts they serve, sometimes in an unpaid capacity. They put in a huge amount of personal commitment and can deal with complex matters, so deserve the right protection when carrying out these duties. If you are a trustee, Trustee Indemnity Insurance will give you the confidence to carry out your responsibilities effectively.

Trustee indemnity Quote

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