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.

The  policy can be further extended 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.