At Shackleton Risk Management, we can assist you with surety bonds for RAF matters. Surety bonds for RAF matters are provided by Safire Insurance Company Limited (“the Insurer”) and can be lodged by us with the Master on your behalf if needed.
Trustees appointed to manage a trust must furnish security to the Master’s satisfaction. All undertakings provided to the Master must be guaranteed by an insurance company.
A suretyship is not an indemnity policy but rather an accessory agreement where the surety commits to the Master for the trustee’s performance while in office. If the trustee defaults and the surety is required to cover any resulting losses, the surety has the right to seek reimbursement from the trustee for the amount paid to the Master.
Documents Required For An RAF Surety Bond
- Completed Professional Facility Application in full.
- Proof of residence (not older than 3 months).
- Certified copy of Identity document.
- Latest FFG certificate/ SAICA certificate (if applicable).
- Professional indemnity certificate (if applicable).
Documents Required To Issued Surety Bonds
- Identity document or birth certificate of the person
to whom the damages were awarded. - Master’s Form J344 (Undertaking).
- Master’s Form J417 (Acceptance of Trusteeship).
- Court Order.
- Trust Deed.
Surety Bond Premiums
The surety bond premium is an annual premium of 0.6% plus Vat on the total value awarded to the plaintiff (per the court order) and shall renew annually at the same rate or a reduced rate depending on the distribution of funds.
It is important to inform Shackleton Risk of any changes in the value of the assets to ensure the surety bond value is always correct and to avoid any underinsurance.
If you would like assistance in placing a RAF Surety Bond, please contact us.
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