Independent broker Stuart Alexander has teamed up with AIG Europe to develop new cover for trustees, following the implementation of the Trustee Act 2000.
The act highlights the duty of care required of trustees and exposes them to greater scrutiny from trust beneficiaries and regulators.
Fund Protection Insurance provides defence cover for a range of potential wrongful acts, including breach of fiduciary duty, negligence, maladministration and errors or omissions.
Peter Collins of Stuart Alexander said the product filled a gap in the market by providing protection for all forms of trustee. His company has ten years' experience of providing trustee liability insurance.
“We believe that many trustees in the
UK are discharging their responsibilities without the protection that their onerous responsibilities might deserve,” he said.