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Frequently Asked Questions

We appreciate you may have some questions about the specific terms we use when talking about Bonds. To answer some of these questions we have put together this helpful list.

If your question is not answered below, please contact us and we will be happy to help provide answers.

Who is a Lay Person?

They will be a family member, friend or relative, who will not raise invoices for their time and is not covered by a Professional Indemnity insurance policy.

Who is a Corporate/Professional Person?

A Corporate/Professional Person will be a person who will raise formal invoices for their services and will usually be covered by a Professional Indemnity insurance policy

What is Retrospective Cover?

Retrospective cover is cover that is offered that will date from the day that a person was formally and legally appointed to look after someone else's assets.  It will not be offered on all bonds and the Terms and Conditions for the bond must be read to confirm whether this cover is available

Losses that occur from honest mistakes

Losses that occur from honest mistakes are included on two bonds, the Appointee Bond and the Power of Attorney Bond.  This cover is only available for Lay appointments and is not available for Professional appointments.  It is important to remember that this cover is only available for an honest mistake that is defined by a mistake that is made by a Lay appointed person, who has not made a profit from that mistake or allowed another to do the same.  For the full description, please refer to the Terms and Conditions of the appropriate bond.

What is the Discovery Period?

A discovery period is a defined period that is noted in the Terms and Conditions of each bond.  The bond will remain in force after cancellation for a period of time.  This period allows for claims to be discovered and made and is premium free.  It is important to remember that any claims found in this period should be notified to the team immediately to ensure the claim can be dealt with within the timeframes of the discovery period.  The bond will be cancelled automatically after the discovery period has elapsed and no claims can then be made.

How do I make a Claim?

Please contact the team as soon as a loss has been found or is thought to have occurred.  With the Deputy Bond, a Court Order will be required that will allow a claim to be made.  The Court of Protection will direct what payment is required and who to make the payment to.  Please contact the Office of the Public Guardian (OPG) and Office of the Public Guardian (Scotland) (OPGS) for their advice and assistance.

The Appointee and Power of Attorney Bonds do not have a claims process that involves the Court of Protection but the OPG/OPGS will need to be contacted to discuss any concerns.  They cannot advise you on whether a claim could be made against the bond and contact with the team is important after you have contacted the OPG/OPGS.  The team will assist you to collect the information you will need to make a claim.

As with an insurance policy, say for your house, it is important to be able to say what has happened, who you think is responsible and how much is missing (if known).   A suspicion should be reported, even if little information is to hand at the time. 

It is then helpful to make sure that the team are sent any investigation notes, bank statements, police crime numbers if reported and any other information that you think may be helpful in proving the loss after the OPG/OPGS has been informed.

If there are difficulties in obtaining any information at all, we are there to assist in any way.

After the information is collected, the team will collate and ask questions if needed.  When sufficient information has been collected to identify the loss and the person responsible, the claims papers will be sent to Aviva who will then consider the claim.

If, for any reason, a claim is declined, we will do our best to ensure that all the information has been presented correctly and will liaise with the Insurers.  You may be entitled to contact the Financial Ombudsman and details are set out in the Important Information and Key Facts that you will be presented with or have in your possession.  The reasons will be presented clearly and fairly and will be discussed with you in the event that a claim has not been accepted.

The most important thing is to contact the team at Security Bonds Limited so that all assistance can be given to you from the outset of any worrying financial concerns.

Any claims made and accepted will be up to the value on the bond.  Once a claim has exhausted the bond amount, there is nothing left to claim and the bond will be cancelled with no discovery periods available.

It is therefore important to consider the amount you would like to cover and ensure it is sufficient for your assets.

Is the premium for each appointed person?

No, the premiums quoted will include everyone needed on the bond.

If a Power of Attorney changes will we always need a new bond?

No, you will only need a new bond if the Attorneys change and a new Power of Attorney is needed.  A new Power of Attorney means a new bond. You will need to seek advice from the Office of the Public Guardian, a solicitor or professional if the Attorneys are changing from the original appointed Attorneys. 

Please contact us if a replacement Attorney is taking over just so we know who to write to if we need to contact you.   We can mark our records although no further premiums are charged.

Please contact us for simple changes, such as a change of address, to ensure our records are up to date.

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t. (0800) 772 0886

Security Bonds Limited, Tower House, Parkstone Road, Poole, Dorset BH15 2JH

Security Bonds Limited is Registered in England No. 11616784 is authorised and regulated by the Financial Conduct Authority under Firm Reference No. 843895