Trustee Checklist
21 June 2024

Trustee Checklist for Insurance: A Comprehensive Guide

As a trustee responsible for managing insurance policies within an organisation, it’s a responsibility to understand and ensure that the charity assets and beneficiaries are adequately protected. Here is a guide to help trustees navigate the complexities of insurance management within a trust:

  1. Review Existing Insurance Policies: Begin by thoroughly reviewing all existing insurance policies. Ensure that the policies are up to date and provide adequate coverage for the trust's assets and beneficiaries.
  1. Timely Premium Payments: Verify that the premiums for all insurance policies are being paid on time. Failure to pay premiums promptly could lead to lapses in cover, leaving your charity exposed to risk and financially vulnerable.
  1. Understand Coverage Types: Familiarise yourself with the different types of insurance cover in place. This may include property insurance, liability insurance, and other relevant policies. See Unity Insurance website for assistance:
  1. Update Policies: Stay vigilant about any changes in beneficiaries and cover requirements. Regularly review and update the insurance policies to reflect any adjustments needed to align with the trust's objectives.
  1. Claims Management: Be proactive in monitoring and handling any insurance claims that may arise. Work closely with the insurance provider to ensure that claims are processed accurately and efficiently.
  1. Policy Performance Monitoring: Regularly monitor the performance of the insurance policies. Evaluate the effectiveness of the cover and make adjustments as necessary to optimise both cover protection and premium costs.
  1. Minute and Maintenance Management: Keeping records of meeting minutes, maintenance checks, estimates and invoices of works carried out. Organised record-keeping is essential for effective insurance management as this information will be used as evidence in the event of a claim.
  2. Document Management: Maintain detailed records of all insurance-related documents. This includes policies, premium payment records, claims documentation, and any correspondence with insurance providers. At Unity Insurance we have an online portal where all this information is stored for your convenience.

By following this trustee checklist for insurance, trustees can effectively safeguard the charity assets and ensure that the trustees are adequately protected. Stay proactive, informed, and organised in managing insurance within the charity to mitigate risks.

Trustee duties are paramount, and we are here to guide you through the intricacies of trust administration. Unity Insurance is here to protect Trustees:

Call us and let us help you 0333 0917 019