Missing Beneficiary Indemnity Insurance

Regardless of the outcome of our research, in all but the most straightforward cases, we would recommend to an estate administrator that they obtain the protection of a Missing Beneficiary Indemnity (MBI) insurance, with regard to the possibility of future claims from previously unknown, or untraceable, kin.

We are well placed to obtain quotations for suitable insurance cover, once our own research is complete – and in most cases, we will be able to obtain competitive offers from more than one insurer.

An appropriate policy will cover the personal representative, and any beneficiary who has received a share in an estate, against claims by or through any beneficiary missing or unknown at the time of distribution. In cases where we have been responsible for the research, it is normal for the insurers to waive their right of subrogation against the individual beneficiaries, in the event of a claim.

The policy is charged at a single premium, and the cover is open-ended. The actual cost of the insurance will depend on the limit of indemnity required, and the insurers’ view of the risks involved.

Any premium in respect of Missing Beneficiary Indemnity Insurance is usually paid as an expense of the estate. Cover is held once payment had been received by the insurers. Payton & Tate is authorised and regulated by the Financial Services Authority, in respect of non-investment insurance mediation activities. Our FSA Register number is 308975, and our details can be checked on the FSA’s Register by visiting the FSA’s website.