Professional Indemnity Insurance for Insolvency Practitioners

Shackleton Risk provides comprehensive Professional Indemnity Insurance tailored for Insolvency Practitioners on the Master’s panel, covering key risks such as Professional Indemnity, Fidelity Guarantee, and Misappropriation of Trust Funds. Each risk class is subject to its own excess.

Professional indemnity insurance shields insolvency practitioners from legal liabilities stemming from negligent acts, errors, or omissions during the execution of their duties as liquidator or trustee of an insolvent estate.

Shackleton Risk extends coverage with additional options including:

  • Claims preparation costs
  • Defamation
  • Defence Costs to appear before a statutory body
  • Liability following employee dishonesty
  • Loss of Documents
  • Sub-contractors

 

Fidelity Guarantee Insurance for Insolvency Practitioners

Fidelity Guarantee Insurance protects the insured against financial losses resulting from acts of fraud, theft, or dishonesty by an employee during their employment, subject to policy terms and conditions.

Misappropriation of Trust Fund (MOTF) indemnifies a firm of practitioners if a third party files a claim against the firm due to theft by a practitioner or any employee in relation to an estate where funds are held in trust in a section 70 or section 394 account.

This coverage is offered in three variations:

  1. Blanket Basis: Covers all staff members within the practice.
  2. Named Positions Basis: Insures specific positions within the practice, such as the bookkeeping or finance department.
  3. Named Persons Basis: Insures specific employees within the practice.

For more details or to arrange a consultation, please contact your local broker.