Novarti Insurance Brokers > Trustee Bonds – Bond of Security

Trustee Bonds – Bond of Security

Trustee Bonds

Trustee bond relate to special trusts.

Trusts are formed to administer the proceeds of Road Accident Fund and Medical Malpractice pay-outs.

Trustees are appointed in terms of a court order, a Trustee administer the financial affairs of the recipient of the pay-out.

Trusts are generally administered by trust companies. These companies includes banks, trust companies, attorneys and accountants, for instance.  While the companies will have a nominated trustee appointed, the administrative duties of the trustee are generally undertaken by a team within the trust company.

A Trustee bond is issued in favor of the Master of the High Court.

The Master of the High Court sets the rates and for a Trustee Bond. The Annual rate is 0.6% of the Bond amount + VAT.

The application for a facility is a once of process and we can then issue the security within 24 hours.


August 17, 2020