The Gauntlet Trustee Liability Scheme, administered by Heritage Insurance Solutions, is available to all Lay Trustees to protect them from the costs involved in being held personally liable following wrongful acts committed in their capacity as Lay Trustees, including legal defence costs.

Potential Exposure:

• Beneficiaries and their advisers are able to hold Lay Trustees personally liable.
• Lay Trustees should be concerned by the potential exposure of their personal assets.
• Legal costs and expenses will be incurred by Lay Trustees defending themselves.
• Lay Trustees question the protection offered by the higher duty of care imposed on Professional Trustees.
• Lay Trustees are not protected by the insurances held by Professional Advisers.

The Product:

• The Policy provides insurance cover for claims made against the Lay Trustee because of any act, error or omission.
• Designed to protect Lay Trustees, as defined by the Trustee Act 2000.
• Professional Trustees who charge for their services, can be covered by this insurance, subject to application to underwriters.
• The policy will indemnify the Trustee against costs and expenses incurred in defending any action, costs awarded against the Trustee, and amounts payable as compensation in accordance with a judgement up to the limit of indemnity.
• Payment of the premium should be recoverable from Trust Funds (as it is not a reward).
• The scheme insurance is governed by the laws of England, Scotland and Wales. Protection for overseas domiciled trusts is available on application to underwriters.
• The scheme is underwritten by Hiscox Insurance Company, one of the UK's leading insurers.