AVIVA Insurance Products
Here at Finders International, we have a long standing relationship with the multinational insurance company, Aviva.
Once we have concluded our research, we can apply for and obtain insurance policies for you to consider. The premiums are one-off payments that are made by the estate.
Please note: in most cases we can only obtain Missing Beneficiary Insurance and/or Missing Will Indemnity Insurance policies in situations where we have completed either 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 is not financially viable.
Why is insurance required?
The function of all the insurance policies we provide is to make sure that once an estate is distributed, those who have benefited will never be asked to repay part or all of their inheritance at any time in the future.
For the security and peace of mind of all administrators and executors, Finders International always recommends a Missing Beneficiary Comfort Policy as a minimum.
Generally, insurance may be needed when:
- Specific heirs (or branches of a family) simply can’t be traced
- When all beneficiaries appear to have been found and a comfort policy is required
- Continuing with research to locate missing heirs is no longer economically viable
- Finders International has produced a report which confirms the situation and recommends insurance cover
- Our Missing Will Service has been completed and no valid Will has been discovered.
Irish Estate Administration Bonds – contact us for a quotation.
Missing Beneficiary Comfort Policy
- This policy provides cover against claims from any prior claimants to an intestacy case, or additional missing or unknown heirs coming forward after distribution of the estate. We highly recommend this policy.
Missing Beneficiary Indemnity Policy
- This policy provides cover against future claims from specific missing heirs or branches of a family tree where no conclusion has been reached.
Missing Will Insurance
- On completion of our Missing Will Service, cover against a Will being found after distribution of the estate or the discovery of a more recent one which disinherits the heirs who have already received an inheritance.
Combined Comfort and Missing Will Insurance
- This is a single policy which covers both areas described above.
1. How long do policies run for?
- There’s no time limit on a claim being made or expiry date for the policy.
2 . What is the “limit of indemnity”?
- This is the maximum amount the insurers will pay out if there is a claim, or multiple claims. It is therefore important to ensure you have set the limit of indemnity at an appropriate amount. Finders can advise on this if necessary.
3. If time has passed since the policy was issued, what about interest on the amount of a claim?
- This can be prepared for in two ways – firstly, a simple calculation of a “worst case scenario” can be made, and the limit of indemnity increased to cover for this scenario. In many cases, this will not increase the premium by much, if at all. Secondly, you can request an “escalator clause”, where the insurers will increase the limit of indemnity by a certain percentage each year for a limited number of years (usually six years). This option may increase the premium payable.