Sometimes, despite all efforts, some heirs or branches of a family simply cannot be traced or it is no longer economically viable to continue with research in an attempt to locate them. On other occasions all heirs may seemingly have been found, however, no-one can ever be certain that there was not an unrecorded event (such as illegitimate birth) that may affect the distribution of an Estate should these previously unknown persons come forward and make a claim against the Estate in the future. Specific insurance cover may be needed to cover against such claims possibly arising or simply as a 'comfort' when it otherwise appears that there is no prospect of a claim.

On completion of our Missing Will Service we can also apply for an insurance policy to cover against the possibility of a Will (or more recent Will than the one used) being found after distribution.

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Finders have a convenient 'self-approval' arrangement with Norwich Union Insurance which means that once our report is completed we can apply for and obtain policies for your consideration instantly. In many cases the draft policy is forwarded along with our report. In some cases a proposal form may be needed and we will advise where this is the case. Premiums are one-off payments made by the Estate and are usually very competitively priced at around 1% - 1.5% of the amount insured. We believe our policies are amongst the cheapest available.

We are regulated by the Financial Services Authority (FSA) which ensures the highest standards are maintained in our indemnity insurance work. Our membership number is 310772.

Please note that in most cases we can only obtain Missing Beneficiary Indemnity Insurance policies where we have either completed a full report or an independent verification of existing research.

However, we may be able to support an application for insurance where it appears that further research is either not required or not financially viable.

Frequently Asked Questions

How long do policies run for?

There is no time limit on a claim being made or expiry date for the policy.

What is a 'limit of indemnity'?

This is the maximum amount the insurers will pay out in the event of a claim, or multiple claims. It is important therefore to ensure you have set the limit of indemnity at an appropriate amount and we can advise on this if required.

What about interest on the amount of a claim if time has passed since the policy was issued?

This can be prepared for in 2 ways. Firstly, and perhaps more simply, a simple calculation of a 'worst case scenario' can be made and the limit of indemnity increased to cover for this. Often this will not increase the premium by much, if at all. Secondly, you can request an 'Escalator Clause', whereby the insurers will increase the limit of indemnity by a certain % each year for a limited number of years (usually 6 years). This option requires some manual calculation and therefore takes a little more time to obtain and will increase the premium payable. The exact rate of interest and period it is payable for varies from time to time and will be confirmed when an Escalator Clause is requested.

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15:19 (UK) — Tuesday, 13 May 2008

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