The World has changed…Probate & Wills Insurance has changed too!

The composition of the probate sector has altered, with the changing barriers to entry and the inevitable challenges facing the legal profession today.

Through our involvement with a range of legal practices, we have built a customised and extensive probate/trust/wills portfolio of insurance policies, and are able to offer both standard and bespoke products to assist the practitioner, thus delivering greater protection and mitigating risk to facilitate real changes to the administration of trusts and estates.

Our portfolio currently includes:


Early Distribution (Inheritance Act 1975) Insurance


MOSR’s Early Distribution Insurance Policy has been designed to protect the executor, administrator or trustee in the event that a deceased’s person’s estate is distributed following the grant of representation, not withstanding the provisions of the Inheritance (Provision for family and Dependents) Act 1975.


No Section 27 Notice Insurance


The MOSR No Section 27 Notice Insurance Policy is designed for the protection of the executor , administrator or trustee in the event that after a deceased person’s estate is distributed without issuing a Section 27 Notice under the provisions of the Trustee Act 1925, a missing or unknown beneficiary comes forward, claiming part of that Estate.

No Section 27 Notice (Enhanced) Insurance


The No Section 27 policy can be further extended (Extended Version) , to protect the appointed Personal Representative(s) of the Deceased, together with each of the beneficiaries of the Estate to whom distribution of the proceeds has been made.

The policy cover includes the following:

  • The loss sustained by the personal Representatives arising directly out of an Insured Event as a result of the Deceased’s Personal Representative(s) distributing the Estate without placing a Statutory Notice and as a result not benefiting from the Statutory protection afforded by Section 27 of the trustee Act 1925
  • Loss sustained by the beneficiaries of the Estate arising directly out of an Insured Event as a result of the deceased’s Personal Representative(s) distributing the estate without placing a Statutory Notice and without having regard for any liability to the Claimant

Defence costs:

  • The reasonable and necessary legal and professional costs, charges, fees and expenses incurred by the Insurer or by the Insured with the Insurer’s prior written consent in taking defending or settling any action brought by the Claimant against the Insured in connection with the Insured Event including making an application to a court

Missing Beneficiary Insurance


The policy is designed for the protection of the executor, administrator or trustee in the event after the deceased’s person’s estate is distributed , a missing or unknown beneficiary comes forward claiming part of that estate.

Missing Will Insurance


This policy aims to protect the executor, administrator or trustee in the event that after the deceased’s person’s estate is distributed , a missing will comes to light which affects the distribution of the estate already made.

Lost Share Certificate Counter Indemnity


This policy aims to protect the executor, administrator or trustee in the event that after the deceased’s person’s estate is distributed , a missing will comes to light which affects the distribution of the estate already made.


 

At Mason Owen (Specialist Risks) Limited (MOSR), we have built a depth and breath of understanding as to where the real changes and risks lie; knowledge which enables us to offer new perspectives and create insurance tailored solutions. It gives us freedom to facilitate and leverage the best deals and provide the best terms through our extensive network of established partnerships, alliances and contacts with our longstanding insurance partners.

Our independence from any of the insurers with whom we deal and service led philosophy, based on professionalism, integrity and trust, distinguishes us in the market place and encompasses all our business relationships, which is a strength which we put to work every day for our clients.