Joint trustees of a property can now be confident their asset will be covered if the worst should happen with LV= Broker’s new ‘Family Protection Trust Policy’ – a residential buildings insurance product specifically for UK properties transferred in to a trust arrangement.
The Family Protection Trust Policy, available exclusively via Edinburgh-based brokers Bruce Stevenson, is for trustees of a property placed in trust. The policy allows trustees to respond to the various changes in ownership and changes in purpose of the property – for example a property in trust being let out or unoccupied for longer periods of time.
Setting up a trust arrangement can be a complex matter and ensuring that the trust asset is adequately protected and can respond to this change of legal ownership and the property’s use is an important part of that process. Many insurers are unable to respond to these changes. As a result, LV= Broker worked in partnership with Bruce Stevenson to develop the ‘Family Protection Trust Policy’ as a practical solution for solicitors and estate planners arranging residential trusts.
Jim Rennie, LV= Branch Manager (Glasgow), said: “Trustees need to secure cover throughout the complex process of forming a trust and beyond, so when LV= Broker found that many were experiencing difficulty doing this we made it our mission to find a solution. In partnership with Bruce Stevenson, our ’Family Protection Trust Policy’ will benefit both estate planners and their clients, offering a practical and reliable solution from an insurer they can trust.”
Mark Dallas, Director at Bruce Stevenson, said: “For most of us the principal asset is our property so ensuring it’s protected is paramount. With this in mind, we have worked exclusively with LV= Broker to develop a quality insurance proposition which offers the appropriate level of cover for properties in trust. The Family Protection Trust Policy recognises the changing legal status and provides cover enhancements throughout, offering trustee clients an excellent solution at a competitive price.”
Part of the UK’s most trusted and recommended insurance provider LV=, LV= Broker offers Personal and Commercial lines products via the UK insurance broker market. Providing customers value, choice and stability it prides itself on its relationship with brokers and its innovative approach to product development to support the needs of its clients and their customers.
Legal professionals who are looking to form a trust or require further information should contact Bruce Stevenson directly on 0131 553 2293 or [email protected] to discuss the options available and receive a quote.