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Bankruptcy Trustee

As a member of the National Association of Bankruptcy Trustees (NABT), you’re responsible for administering a trust without bias, exclusively in the interests of the beneficiaries. This heavy responsibility bears with it the burden of professional liability. As a bankruptcy trustee, you can be sued for any alleged act of negligence in the management and distribution of trust assets and will be expected to cover your litigation fees.

For this reason, all bankruptcy trustees should purchase professional liability insurance (i.e. errors and omissions insurance) designed specifically to protect members of the National Association of Bankruptcy Trustees.

Bankruptcy Trustee Professional Liability insurance provides coverage for the risks associated with your profession, including:

  • Failure to use proper due diligence investigating debtors assets
  • Erroneous disbursements of payments on administrative claims
  • Costs of any disciplinary proceedings or investigations made by the office of the U.S. for an authority breach
  • Failure to file an objection to the claimed exemptions within the 30-day timeframe
  • Violations of ERISA as a Fiduciary
  • Asset abandonment negligence
  • Failure to get fair value of liquidated assets
  • Vicarious liability for the negligence of subcontractors (e.g. real estate appraisers, auctioneers, attorneys, property appraisers and other subcontractor services)
  • Accusations of bid rigging

Without bankruptcy trustee insurance, your assets are at risk. If you have found yourself in this position, talk to an insurance agency with expertise in placing errors and omissions insurance for professionals in your position.

Lakeside Insurance Center is the trusted source of bankruptcy trustee insurance for members of the National Association of Bankruptcy Trustees. You may have seen our booth this last year at the annual NABT convention or at one of the many seminars held across the country. Our agency is well known and respected for assisting trustees in acquiring the appropriate coverage for their assets.

If you would like to discuss your options further, please take a moment to fill out this Bankruptcy Trustee Quote Form and contact Lakeside Insurance Center if you need assistance. For your convenience, we have provided contact information for our bankruptcy trustee professionals below.

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