COVID-19 Update: Please note that we are all working remotely and our hours remain unchanged at 8.30a- 5p CT. As always, taking care of our clients remains our top priority. Our phone number is 312-645-1200 and email remains the fastest way to reach us although all calls will be returned by the end of day should you leave a message because no one is available to answer. For more information and resources, see our Latest Insights.

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Independent Trustee Liability Insurance

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How We Help

Often a family member or close friend is selected instead of, or in addition to, a corporate trustee. The liability of the corporate trustee will not fully indemnify the independent trustee who should have their own layer of liability protection.

Allegations made against a trustee could include:

  • Improper accounting,
  • Failure to exercise reasonable skill, care and judgment in management of trust assets,
  • Self-dealing and deliberately causing financial harm to beneficiaries,
  • Negligent handling of asset sales,
  • Errors.
  • Conflict of interest, and
  • Failure to obtain most advantageous tax savings

Most trustee errors and omissions coverage will be available on a claims made basis.

Limits of up to $10 million or more may be available depending on the carrier and the trustee’s individual needs.