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OPG update: new bond arrangement

14 May 18

Work with insurers has resulted in new bond of caution cover for guardians which has lower premiums and, for professional guardians, higher professional indemnity limits

The Office of the Public Guardian (Scotland) and Marsh have agreed to extend the arrangement that affords lay and professional guardians access to affordable bond of caution cover, after working with Aviva to improve the scheme.

Any bonds of caution secured in Scotland – new or renewed – after 1 April 2018 will attract much lower rates, compared with those previously charged by Aviva, with premiums falling by up to 45%.

For professional guardians, the improved scheme also offers up to 400% higher professional indemnity limits. Previously, the aggregate value of a professional practice’s bonds of caution could not exceed 200% of its PI limit. Under the renewed arrangement the total bond value can, on referral, reach three or four times a firm’s PI limit.

Also, from July, a dedicated online portal will allow guardians to buy bonds in real time online, without the need to fill out and post hard copy forms. This should make the process of taking out bonds of caution much quicker and more efficient. The traditional postal method will still be available.

Forms revised

OPG also has new versions of the PoA registration form, for postal submissions only; the PoA expedited request form for expedited registration; and the attorney declaration form for EPOAR submissions that can be used to record that a named attorney is willing to act in terms of the PoA. This last form is not mandatory, but OPG strongly encourages its use.

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