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Executor liability insurance is like auto insurance: you never know when you’re going to need it, Toronto trust and estate lawyer Ian Hull tells Canadian Underwriter magazine. Read Canadian Underwriter
“There are so many unknowns in the administration of an estate and you never know when things can go badly,” Hull, partner with Hull & Hull LLP, says in the magazine article. “I have seen so many estates that looked simple at the beginning but turned badly, often at no fault of the executor. Executors are dealing with family members in an emotionally-charged issue. It can be a recipe for disaster. This liability insurance can protect an executor against what is very possible.”
A recently-released paper from ERAssure identifies how property and casualty insurance brokers play an important role in identifying this risk and discusses options to help reduce negative impact for clients, the article says.