Trustee insurance

I am currently the chair of the Simcoe Trusts and Estates Lawyers Association (STELA). As part of my duties, I arrange for speakers of interest to our members to come to our monthly lunch meeting. At today’s meeting, we hosted representatives from ERAssure.

ERAssure is insurance for executors. It protects executors from liability for any financial damage to the estate because of their own negligence. It will generally cover a period of three years from the date of the testator’s death. It does not protect the estate trustee from personal liability for fraud, nor does it protect against the federal or provincial government claiming taxes from the estate. However, it is certainly an option to think about when there is an estate that might be contentious. ERAssure is currently the only company in Canada offering this type of insurance.

As our world grows more and more litigious, we can expect to see more and more products like this enter the market.