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NEW YORK—Hiscox Wholesale, a unit of Hiscox USA, has introduced a professional liability policy for trustees that offers up to $10 million in capacity.
Vince Josaphs, Atlanta-based assistant vp of miscellaneous professional liability for Hiscox Wholesale, said the coverage is intended for uninsured and underinsured trustees. “Reception has been extremely positive,” he said.
The product protects trustees handling a variety of trusts, including liquidating trusts, charitable trusts and special needs trusts. Mr. Josaphs said the policy includes coverage for “negligent delegation,” such as cases where a trustee appoints someone to run a business; and discretionary investment authority, both of which are sources of claims in this area.
The policy, which provides defense coverage, has a $5,000 minimum premium and a $5,000 minimum retention.