Zurich updates trust property insurance program

Zurich North America  updated its Trust Protector Policy, a master trust insurance product for financial institutions that insure properties held in trust. The product, which Zurich says it has offered for more than 20 years, is designed to cover multistate residential, commercial, and farm properties under a single master policy with aligned expiration dates and standardized coverage terms.

The update comes as banks, wealth managers, family offices, and other fiduciaries expand trust-related services amid growing intergenerational wealth transfer. Zurich said the revised policy embeds more coverage features into the base form, updates rating to reflect current property values and exposures, refines catastrophe treatment on a per-location basis, and expands nationwide capabilities subject to state filings.

The policy provides admitted property and general liability coverage and is available for new business and renewals through Zurich’s designated program administrators. Zurich is positioning the offering as part of its broader financial institutions strategy, which also includes financial lines, cyber, construction, accident and health, and multinational coverage.

“We are seeing our financial institution customers begin to position themselves for the Great Wealth Transfer via organic growth or acquisitions in the wealth management and trust space. Our updated Trust Protector Policy reduces complexity for trust teams by streamlining policy forms, providing increased per-location limits and tailoring coverage needs for the next generation of beneficiaries. We’re also increasing the product’s geographic reach and breadth for our financial institution customers that may have properties in many states.” – Trey Martino, Head of Financial Institutions and Professional Services for U.S. Middle Market at Zurich North America.