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These are designed to protect the executor/administrator/trustee
and the beneficiaries traced in case any unknown or missing
beneficiaries come forward at a later date. If such a beneficiary
comes forward, the cost of dealing with the claim is paid
by the policy, and if successful the policy would pay the
claimant the amount claimed.
Without such a policy, the claimant could
look to the executor/administrator/trustee and/or beneficiaries
for compensation. There is judicial authority for allowing
the expense of these policies as reasonable expenses in the
administration of an estate in Re Evans (deceased), Evans
v Westcombe [1999] 2 All ER 777.
MBIs can only be considered at the final
stage of research. The underwriters of the insurance policies
will only issue insurance once they are satisfied that the
necessary steps to find all beneficiaries have been taken.
In this regard, they should be considered as a last resort.
Our reports are accepted by insurance
companies and will allow you to obtain quotations for these
these policies that are usually much lower than if you tried
to obtain the quote yourselves without our report.Our comprehensive
reports are accepted as sufficient evidence to secure such
insurance.
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