When acting as an Executor (if there is a Will) or Administrator (if there is no Will), it’s essential to protect yourself from potential liabilities.
Failing to arrange adequate insurance cover, underinsuring, or neglecting to comply with policy conditions could leave you with significant financial responsibility if a claim arises.
Fortunately, Insuristic, the UK’s first online insurance broker specialising in Executor Insurance solutions, can help.
They offer policies specifically tailored for the probate process, available exclusively through their platform.
Unlike many traditional providers, Insuristic ensures its coverage is straightforward, easy to understand, and free of hidden fees, even if you need to cancel a property insurance policy early.
Here’s an overview of the policies available to protect you during the probate process (click on any of the links below to find out more or get a quote):
Insuristic’s Estate Protect Direct is designed to protect you, whether you’re an executor, administrator, personal representative (such as a solicitor or professional executor), or a beneficiary, from a range of potential third-party claims.
The cover is arranged once you have received the Grant of Probate and are preparing to distribute the estate.
Key Benefits:
The policies available to you are explained below:
Section 27 Insurance protects against claims from unknown creditors who come forward after the estate has been distributed. The cover can be arranged without the need for costly Section 27 notices, offering a simpler and more affordable solution.
As an executor, it’s your responsibility to ensure all liabilities are settled before distributing the estate.
A Section 27 Insurance policy will cover claims from unknown creditors, managing the claim from notification to settlement, and paying an award (including legal costs) to the third party, up to the level of indemnity you purchase.
Without this insurance, the executors may be personally liable for any unpaid debts. Even if you have placed a Section 27 Notice to alert creditors to the death, the beneficiaries would be able to take legal action against you for failing to insure them. This is why Section 27 Insurance is a better option than merely relying on a Section 27 Notice.
To find out more or get a quote visit Insuristic’s Section 27 Insurance page.
Early Distribution Insurance protects executors from claims made by dependents who feel the estate has not adequately considered them.
Under the Inheritance Act 1975, dependents have up to six months from the Grant of Probate to make a claim. This is why most solicitors advise waiting for this period to pass (and sometimes an additional four months, as the court can extend the waiting period).
However, Early Distribution Insurance allows executors to distribute the estate earlier while still being protected. This policy provides coverage in two key situations:
The insurance covers claims from unknown dependents and handles the entire process from notification to settlement, including paying any awards and legal costs to the third party, up to the level of indemnity purchased.
Executors are often under pressure from beneficiaries to distribute the estate quickly, sometimes within a few months, especially if the beneficiaries urgently need the inheritance.
Waiting for six to ten months can feel like too long, but in the absence of insurance, the executors have little choice but to wait.
If there are no known issues, such as dependents that are likely to contest the estate, Early Distribution Insurance can be arranged quickly and cost-effectively online with Insuristic.
If there are known issues, this may be insurable; however, a solicitor will need to be involved in the distribution of the estate, and Insuristic would require as much information as you can provide for discussion with the underwriters.
To find out more or get a quote, visit Insuristic’s Early Distribution Insurance page.
Missing Will Insurance protects executors, personal representatives, and beneficiaries from financial loss if a newer, previously unknown Will is discovered after the estate has been distributed.
Before arranging the Insurance, you will need to have completed a ‘Will Search Combined’ via the National Will Register, which is prudent to do before you apply for the Grant.
This insurance covers the costs of legal defence, court-ordered payouts to new beneficiaries, and other related expenses, up to the amount of indemnity chosen by the executors.
Why You Need It
To get a quote or learn more visit Insuristic’s Missing Will Insurance page.
What is it?
Missing Beneficiary Insurance protects executors, administrators, and beneficiaries from financial loss if a previously unknown or missing beneficiary comes forward to claim a share of the estate after it has been distributed.
This insurance is commonly arranged when the estate is intestate (i.e., there is no known Will), but it can also apply when a beneficiary was known but missing (which can happen with or without a Will) or completely unknown at the time of distribution.
The policy covers legal defence costs, payments to the missing beneficiary, and other related expenses, up to the level of indemnity chosen by the executor.
How It Works
Insurance can only be arranged after a review by a genealogist. Most insurers require a full genealogy report and a verified family tree before considering cover.
Insuristic makes this process easier by:
Why you need it?
You can find out more or get a quote on Insuristic’s Missing Beneficiary Insurance page.
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