Estate Administration Protection Policy

Protects the Appointed Representative and Beneficiaries against any financial claims by creditors not identified in the Estatesearch™ Credit & Liabilities Report made after distribution, including liability for credit cards, banks, etc. and subsequent HMRC tax liabilities.

It allows early distribution to be made without the need to issue a Section 27 Notice and without delaying for 60 days.

Its important to check the fine detail of your cover to ensure you have the best protection available for you and your client.  Risq Ventures has worked closely with underwriters to develop a policy that goes the extra mile.


High-level Cover Comparison


Estatesearch™

Insurer

Ergo (Munich Re)

 

Security (Standard & Poor’s)

AA-
 

Period of Cover

In perpetuity

 

Limit of cover

£250,000 (higher limits available)
 

Claims from the 72 Creditor Account types defined in Estatesearch Report

£250,000 policy limit
                                                                                            

Claims from HMRC

£250,000 policy limit                             

 

Claims from Unknown Creditor types

£50,000 or (20% of Estate if lesser)
 

 

Claim by dependant for provision under Inheritance Act 1975

Yes                                                          
                                                                                           

Loss from response to Statutory Notice placed after cover incepted

Yes, if 4 weeks have elapsed from publish date  

 

Loss from response to Statutory Notice placed within six weeks prior to cover incepted

Yes, if 4 weeks have elapsed from publish date
                                             

                                              

Loss from response to Statutory Notice placed before the Distribution

Yes, if 4 weeks have elapsed from publish date


Provider A

Insurer

Elite

 

Security (Standard & Poor’s)

In run-off                                                 

Period of Cover

10 years

 

Limit of cover

Value of estate                                                                   

Claims from the 72 Creditor Account types defined in Estatesearch Report

No                                                                                                                                     

Claims from HMRC

10% of policy limit, subject to 1% excess

 

Claims from Unknown Creditor types

10% of policy limit, subject to 1% excess

 

Claim by dependant for provision under Inheritance Act 1975

Yes
                                                                                                                                      

Loss from response to Statutory Notice placed after cover incepted

No                                                                                       

 

Loss from response to Statutory Notice placed within six weeks prior to cover incepted

No
 
                                             

                                              

Loss from response to Statutory Notice placed before the Distribution

No


Provider B

Insurer

Aviva

 

Security (Standard & Poor’s)

A+                                                            

Period of Cover

In perpetuity

 

Limit of cover

Value of estate
                                              

Claims from the 72 Creditor Account types defined in Estatesearch Report

No                                                                                                                                    

Claims from HMRC

No                                                            

 

Claims from Unknown Creditor types

10% of policy limit
 

                                             

Claim by dependant for provision under Inheritance Act 1975

Yes
                                                                                                                                 

Loss from response to Statutory Notice placed after cover incepted

No                                                                                       

 

Loss from response to Statutory Notice placed within six weeks prior to cover incepted

No
 
                                             

                                              

Loss from response to Statutory Notice placed before the Distribution

No


To review individual policy cover in greater detail, please view the relevant policy summary and/or full policy wording.