They will be a family member, friend or relative, does not raise invoices for their time and is not covered by a professional indemnity insurance policy.
They will be paid formally for their services, raise invoices for their time and will be covered by a professional indemnity insurance policy for their work.
Upon payment of the premium the Bond will be deemed to have been in force from the date of your appointment as Appointee with all previous activities automatically being covered by the Bond.
Aviva have the right to recover from the Appointee any money they pay out under this Bond (plus any applicable fees they incur). However, Aviva will waive this right against Lay Appointees for errors that do not result in them making a personal gain.
The Bond premium is required to be paid annually. In the event the premium remains unpaid for 30 days from the renewal date, the Bond will be cancelled and a period of one year will be added to the cover to allow for any claims that need to be made. The Bond will also remain in place for a year if the bond is cancelled for any other reason.
Notification of a claim should be made to the appropriate local Safeguarding Team to enable them to apply to Security Bonds Limited for the amount of the loss up to £16,000.