There isn’t a specific policy called probate insurance. However, it is often used by the executors or administrators of an estate to search for the various insurance policies they need.
If you search for Probate Insurance, you will likely see companies offering probate property insurance. However, Probate Insurance is much more than that; there are several insurance policies to consider.
The liabilities of anyone appointed as an executor or administrator can be significant. They may not be apparent for many years, so it is essential to consider all the insurance options available to you.
Beneficiaries can also be affected by uninsured losses that reduce the estate's value or impact them financially in the future following a claim from a third party. Disgruntled beneficiaries, frustrated about their losses and lack of insurance protection, can hold executors personally liable for not protecting them.
Such losses can be financially catastrophic for executors but avoidable with adequate insurance protection.
We don't just provide policies; we are committed to educating personal representatives on the risks they face (insurable or not) to help you prevent a legal and financial nightmare down the line, sometimes years after probate has been finalised. The following pages are well worth your time reading:
Free downloadable Probate Checklist - covers the various searches you should do, as well as all the insurance policies you should consider. It summarises what you need to know and links to our product and informational pages.
A useful guide to store throughout the process, and to share with beneficiaries to give them a snapshot of the risks and policies available — protecting their legacy and liability. Beneficiaries can be pursued for uninsured losses if the estate has been distributed and the personal representatives don't have the money to meet the claim in full.
Our view is that once a personal representative, you are always a personal representative. You have risks from third-party legal action that could materialise either soon after you get probate, or years down the line. These risks differ depending on whether there is a Will (Testate) or no Will (Intestate). Read the guide that matches your situation:
For more, visit our Risk Management Resources hub, which we will continue to add new resources to. It also covers what to do if probate becomes contentious or you need a solicitor's help.
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