What it does
CG 24 05 is used for financial institutions acting as fiduciaries. As its filed title states, it adds a reporting provision (the institution reports the trust or estate properties it holds) and limits coverage to the fiduciary or representative interest of the institution in that property.
Who needs it
Bank trust departments and trust companies that hold real estate or businesses in trusts and estates.
Key provisions and limits
- Coverage follows the properties reported; unreported trust property may not be covered.
Quoting and selling notes
- Set up a reporting process with the client; pair with CG 24 11 and the fiduciary exclusion CG 22 38 as applicable.
