What is trustee indemnity insurance?
Whatever the size of charity or membership organization, trustees can be held personally liable should something go wrong. It could be as simple as expressing an opinion about someone or something while ‘on duty’ as a trustee that subsequently leads to accusation of slander.
In the event that a trustee faces an accusation, a trustee indemnity insurance policy would typically cover a number of costs. Legal defense costs can run into thousands of pounds, even where the accusation is found to be false.
Who needs trustee indemnity insurance?
Trustees of a charity or membership organisation have a legal duty to ensure that certain insurances are in place for the organisation where law requires it. With that responsibility comes the possibility that they may become personally liable for anything that goes wrong or that is proven not to have been addressed adequately.
Trustee Indemnity Insurance protects the trustees in the event that they are held accountable for any ‘bad’ decision that they are deemed to have made in the course of their duty. It can play for legal costs in defending a claim as well as any pay out that is required. Aside from anything else, having trustee indemnity insurance in place may, in itself be a motivating factor in recruiting trustees to an organisation.
Why Compare Insurance Quotes with Buckingham Insurance?
At Buckingham Insurance we have 40 years in the insurance industry. We have 2 client handlers – Jamie and Lee who between them have over 30 years experience working exclusively with Social Clubs, Sports Clubs and other membership organisations who may require trustee indemnity cover. We can tailor a policy to suit your needs so you’ve got the cover you need and aren’t paying for cover that you don’t.