Section 22
of International Trusts Order, 2000
Section 22
(1)
Trustees may insure against any risk in respect of any trust property as and for any interest if they were the absolute beneficial owners thereof and may pay the premium for such insurance at the discretion of the trustees out of income or out of capital.
(2)
Without prejudice to the requirements relating to insurance applicable in respect of trust corporations to person licensed under the Registered Agents and Trustees Licensing
Order, 2000, trustees may insure against personal liabilities (otherwise than for breach of trust)
which they may incur in the execution of their trusts and may effect fidelity insurance for employees whom they employ in their capacity as trustees. The premiums for any such insurances may be paid out of the capital or income of the trust property at the discretion of the trustees.
Application of insurance money where policy kept up under trust, power or obligation.