If a friend or family member has asked you to be the trustee of their estate, you probably have many questions. One of your concerns may involve your insurance coverage. We often hear the following from our clients: “I was just appointed as a trustee; does my personal lines policy cover me?”
This article will examine professional liability insurance and the protection it offers the trustee.
Professional Liability Insurance versus Personal Liability Insurance
Many of our clients already have personal lines liability insurance. This coverage is generally connected to legal responsibility due to an accident related to personal property, such as a home or a car. For example, if a guest slips and falls at your home, this policy will provide coverage for expenses associated with the accident. Also, this policy will provide payment if you are in a car accident as a passenger of your vehicle, or if another vehicle is injured.
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