The law imposes on trustees a number of duties that they must carry out using the care, skill and diligence that a prudent person of business would exercise in managing the affairs of others.
Failure by trustees to discharge these obligations to the required standard, or at all, can result in the trustees being held personally liable.
In addition, in certain circumstances, liability can be incurred for the activities of fellow trustees. While the trust may provide an indemnity to the trustees for claims made against them, the cost to the trust of meeting this obligation can in turn provide an undesirable burden on the trust’s assets.
A Trustees’ policy will address the concerns and liabilities of both the trustee, and the trust when indemnifying the trustee.
Trustees’ Liability insurance can provide cover for:
Workers’ Compensation is a compulsory statutory form of insurance for all employers in Uganda which provides protection to workers if they suffer a work-related injury or disease.
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken.
This insurance covers your legal liability regarding compensation for loss or damage to goods and/or livestock, as well as agreed amounts of loss or damage for goods and/or livestock.
You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.
Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.
Additional charges will apply and in certain circumstances this cover might not be available.
Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.
In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.
An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.