Public Liability Insurance for Fiduciaries

Umsted, Special Deputy Attorney General,

— We are in receipt of your recent request for an opinion concerning the maintenance of liability insurance on property held in trust. Specifically you inquire as follows:

1. May a fiduciary charge against the funds of a particular estate, administered by it premiums for public liability insurance purchased in respect to real estate owned by such estate?

2. May the Secretary of Banking, as receiver of a fiduciary institution, charge against the funds of a particular estate administered by him as receiver of such institution premiums for public liability…