TRUSTEE LIABILITY COVERAGE
If you serve as a trustee, you are serving personally.
Trust assets may or may not be used to indemnify you in the event of a claim. Even if the trust document provides for indemnification, the trust may not indemnify until settlement of the claim.
Even as an employee of a professional services organization such as a law firm, your firm’s insurance may not protect you.
A trustee is not covered by Personal Insurance when serving in that capacity. Your personal risk may fall into miscellaneous professional liability.
Questions?
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DON’T JUST TAKE OUR WORD FOR IT
"My experience in the fiduciary industry is that trustees have a panoply of risk – some recognized, others, less obvious. Judy Pearson and Woodruff Sawyer demonstrate a level of subject matter expertise and advisory acumen that adds great value to clients managing and mitigating fiduciary risks. Judy and the team are thought leading professions who place the client at the center of all they do!"
DAVE COFFARO
Strategic Advisory Consulting Group
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Balance Partners, LLC is a New York Limited Liability Company. In California, Balance Partners Insurance Services, LLC License #0M92717
You may be serving in a professional capacity as a lawyer, CPA, or other business associate, but when serving as a trustee you are subject to fiduciary standards—the highest duty under the law—and are personally liable.
Did You Know?
Limits of liability up to $5 million
Broad definition of trust services to cover fiduciary and non-fiduciary roles
Blanket coverage for trusts
Prior acts coverage available
Advancement of defense costs, including intentional misconduct and gross negligence until final adjudication of allegations
Employee theft
General liability
Worldwide coverage
Cyber liability – available separately
Coverage Types Available to Protect You
We invite you to apply for trustee liability coverage using our established underwriter-approved process or reach out to get in touch with our experts.
Product lead Judy Pearson
jpearson@BP
Underwriter Jessica Littel
jlittel@BP
If you serve as a co-trustee, you have joint liabilities and if you work as a co-trustee with a bank or trust company, you are not covered by their insurance policy.
Submit application application@BP
More often than not, there are misconceptions and nuances around the role of trustee—and that confusion often prevents trustees from getting the personal coverage they need. We’re here to help.
Nomadx was created to provide professional liability insurance services exclusively for trustees. The trust business is complex and having a knowledgeable underwriter who understands trusts is critical to ensuring you’re properly covered. We’ve created an insurance program specifically geared to protect trustees, and our application process makes obtaining coverage easy.
Step 1: Download the application.
How to Apply for Coverage:
Step 2: Email your completed application to nomadx@balanceuw.com.
Our Nomadx team will get in touch with you shortly once we receive your application!
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