New online insurance service for Professional Executors

Rob Faulkner, CEO of Insuristic stated “Professional Executors provide an extremely valuable service for their clients.  But one of the challenges they have is the time it takes to arrange insurance to protect themselves and the beneficiaries of an estate.  Several providers usually need to be approached and most do not provide an online solution, so the process is not quick.  If professional executors work with Insuristic, many of the policies they need can be arranged online in a few minutes.”

Insuristic has developed a range of online insurance solutions designed for the professional executor that are:

• Available to protect the executors and beneficiaries at each stage of the probate process.
• Easy to use, with questions that take a couple of minutes (or less) to complete online;
• Competitively priced;
• Backed by leading insurance companies
• Commission payable on every policy

Probate Pro – Insurance for unoccupied Property in Probate:

Probate Pro has been designed to help professional executors quickly issue insurance for any unoccupied probate property in an estate.  Each executor will have access to Insuristic’s online portal, where they can get quotes and issue policies in a couple of minutes.

The costs are paid monthly interest free on account and there are no cancellation fees. 

Premiums start at just £33.60 a month (including IPT) for £750,000 buildings cover with £10k of contents cover automatically included. 

If an executor needs to make a property claim, SJL Insurances’ in-house claims team will support them throughout the process, from preparing and submitting the claim to managing it to completion.

Estate Administration Insurance:  

Insuristic helps executors arrange insurance online for a range of legal indemnity insurance products including: 

• Early Distribution Insurance provides protection from claims from unknown dependants, allowing the estate to be distributed before the 6-month waiting period expires.
• Section 27 Insurance providing protection against claims from unknown creditors.
• Missing Will Insurance insure against the risk of a newer will being discovered after the estate has been distributed.
• Missing Beneficiary Insurance can be purchased to provide protection if a known or unknown beneficiary cannot be contacted before the estate is distributed.  allowing the estate to be distributed.  Peace of mind protection can also be arranged to insure against the risk of an unknown beneficiary coming forward in the future.

An executor can usually request a quotation within a couple of minutes.  The information is then shared with our underwriting partner who usually provide a quotation within 24 hours (or quicker for urgent cases).

Each policy protects the executors, personal representatives, and beneficiaries against the claims they cover for 10 years. 

If multiple policies are required, a combined quotation can be requested.  The underwriter will usually provide a discount of up to 30% where more than one policy is purchased.

How to sign-up

Professional Executors do not need to be FCA authorised as they arranging insurance as the insured. 

All Insuristic will need is:

• Confirmation the insurance will only be arranged where the individual or firm is acting as the professional executor.
• A copy of your firms professional indemnity insurance to evidence there is cover for estate administration.
• A signed terms of business agreement.

To find out more or sign-up, visit https://insuristic.co.uk/estate-administration-insurance/ to request a video meeting.

You can find out about all of our Probate Insurance products here.