Trustees Act 1967 · 2020 Revised Edition · Part 3 · General Powers of Trustees and Personal Representatives
21. Power to insure
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insure any property which is subject to the trust against risks of loss or damage due to any event; and
pay the premiums out of the trust funds.
In the case of property held on a bare trust, the power to insure is subject to any direction given by the beneficiary or each of the beneficiaries that any property specified in the direction —
property
“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;
is not to be insured; or
is not to be insured except on such conditions as may be specified.
If a direction under subsection (2) is given, the power to insure, so far as it is subject to the direction, ceases to be a delegable function for the purposes of section 41B.
For the purposes of this section —
property is held on a bare trust if it is held on trust for —
a beneficiary who is of full age and capacity and absolutely entitled to the property subject to the trust; or
beneficiaries each of whom is of full age and capacity and who (taken together) are absolutely entitled to the property subject to the trust; and
“trust funds” means any income or capital funds of the trust.
This section applies in relation to trusts whether created before, on or after 15 December 2004.