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Insurance Indemnities

Protection for Personal Representatives and Trustees

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 have long-standing relationships with the majority of the insurers and underwriters in this specialised field, and are well placed to obtain quotations for suitable insurance cover, once our own research is complete. (All cover is written as an addition to appropriate research – not a substitute.)

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.

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.

In addition to Missing Beneficiary Indemnities, we can often arrange cover against a valid and entitlement-changing Will 'turning-up' after distribution of an estate.

Payton & Tate is authorised and regulated by the Financial Conduct Authority, in respect of non-investment insurance mediation activities. Our FCA Register number is 308975.