Voisin Law Firm and Heritage Insurance Company are to host a seminar on the Trustee’s duty of insurance disclosure. The event will take place on 6th December 2011 at 12.30 at Mimosa. The principle of knowing your clients is taking on increasing importance for local trust companies as cross-border financial transactions are scrutinised as never before and regulatory bodies augment their efforts to pursue transgressors.
Whilst the regulatory requirements are becoming fast established, most fiduciary staff are unaware of the importance of disclosing such material information to insurers. Companies in offshore jurisdictions, such as Jersey, have long been associated with providing trust structures for client assets. All trustees are under a duty to preserve those assets for their beneficiaries. One of the primary obligations is the need to ensure that such assets are adequately insured. Such clientele may include high risk Politically Exposed Persons (PEPs), who pose a greater risk to insurers. In such circumstances, preservation of assets poses a larger risk. Trust companies must therefore be particularly vigilant with their client vetting procedures, and disclose such information to insurers or risk the heavy liability that their indemnity insurance will not cover a loss and potentially a breach of trust. For this reason Voisin law firm and Heritage Insurance Company are hosting a unique seminar on what information should to be disclosed to insurers.
The seminar is being held at 12.30pm on 6 December 2011 at Mimosa, Liberty Wharf, when three industry experts will be giving advice about disclosure and the associated risks.
Richard Packman from Heritage Insurance will be opening with “High Risk Clients and their Insurance Requirements”, providing an insight into the general principles of insurance and the importance of advising underwriters of all facts when applying for cover.
Lee Ingram, a solicitor in Voisin’s Litigation team and a Fellow of the Chartered Insurance Institute, will be giving a more specific presentation on “What do you need to disclose?” He will discuss the insurance law position; touching on the doctrine of ‘utmost good faith’ and outline what needs to be disclosed to insurers. He will also address the consequences of non-disclosure.
Jeffrey Giovannoni from Voisin’s Commercial team will talk about the “Consequences of getting it wrong” and will link the principles outlined by Mr Ingram with the consequences for the trustees involved, such as what would happen if a £5 million insurance claim is brought against a trust company.
The seminar is aimed principally at senior staff and directors of local trust companies, over 70 of whom have already confirmed their attendance. Should you be interested in attending, please contact Georgina Jeffries of Voisin (firstname.lastname@example.org) or Sarah Le Page of Heritage Insurance (email@example.com).
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