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Deputy Insurance Bonds

If you are a deputy appointed by the Court of Protection you should have received a letter or email from the Office of the Public Guardian advising of a change to the surety bond service that is operated. Please do not worry as this change will not affect any existing deputy bonds, only those issued after 1 April 2023.

When a person is appointed as a deputy by the Court of Protection, before an order is issued, it is necessary to put in place a surety bond. This is organised by the Office of the Public Guardian. A bond is necessary to protect the assets of the person whose property and affairs the deputy is managing. It is an insurance policy to cover the assets of the individual who is being looked after if things go wrong. The Court of Protection will not issue a deputyship order to the deputy until the bond is put in place.

The bond is purely for the protection of the individual whose property and affairs are looked after. It does not protect the deputy. The amount of security is set by the Court according to the size of the individual's estate. If a deputy fails in their duties to manage and protect property and affairs the bond can be called in to reinstate the funds missing as a result of fraud or loss. Insurers do have the right to recover the amount they have paid out, plus their expenses from the deputy, a fact which deputies are not often aware of!

The scheme up until now has been delivered by Howden UK Limited who have provided all bond arrangements for the Office of the Public Guardian. This contract ended on 31 March 2023. The Office of the Public Guardian have amended their rules and regulations for the providers of surety bonds which now means that there are three companies who can assist with the provision of bonds.:-

Insync Insurance Solutions Ltd

All companies are full members of the British Insurers Brokers Association or an equivalent association. You can change provider if you wish as long as the Public Guardian is satisfied that the governing requirements for the surety bond scheme have been met.

There are many rules and regulations that a deputy has to follow. This is just one of them. If you are a deputy and you are not sure about what is expected of you please give us a call for some friendly advice and support. You can reach us by calling 01622 843729.

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