Death of an Investor Indemnity

Introduction

When someone dies it is quite common for a representative of their estate to be administering their assets without the paperwork to back a claim for release of funds by you. In this situation, it is possible that you could distribute the funds to the wrong person but our Death of an Investor policy provides cover against this eventuality.

A new approach

The current law states that you can release up to £5000 without the need for a Grant of Probate, and in addition, lenders are facing a growing number of enquiries from representatives of accounts holding over £5000 who claim that this law outdated, and continue to request release of these funds without wanting to follow due legal process. If you do release funds, this comes with increased risk.

Simple and flexible

Our simple and inexpensive block policy offers you the security to immediately release funds up to £20,000 without the worry that it is being distributed to the wrong person, and that anyone with a valid claim will take action against you to recover the monies.

Competitive premiums

Our block policy is flexible - we issue the policy and you pay nothing upfront, but provide a monthly list detailing the number of transactions in that period, which we use to calculate the premium. The limit of indemnity for every transaction is set at no greater than £20,000 and the premium per transaction will be between £25.00 and £50.00 plus Insurance Premium Tax.

The small print

With our policy there are a few conditions that are in line with standard market practice and precedent to liability. These require that you:

  • obtain a copy of the deceased's will, if appropriate, and the account proceeds must have been left to either a surviving spouse or, if no spouse, to the surviving children
  • obtain a copy of the deceased's death certificate
  • obtain a withdrawal form signed by the executors/personal representatives
  • have distributed proceeds of the account to the executors/personal representatives without Grant of Probate.

Excel Insurance Solutions - protection for a changing future.