Обеспечительная гарантия=поручительство в обеспечение исполнения обязательства

Under Scottish law a person dies intestate if they do not leave a Will or if the Will made is no longer valid because it has not been updated to take account of changing circumstances, such as the birth of a child. A next of kin will normally apply to the Sheriff Court to be appointed as executor and then will seek Confirmation of that individual’s estate because that is required to sell or transfer a property or administer other assets belonging to a deceased person. If the person seeking Confirmation of the estate is not a surviving spouse then a FINANCIAL GUARANTEE, a Bond of Caution (pronounced “Kayshun”) is required before a certificate of Confirmation can be issued by a Commissary Department of the Sheriff Clerk’s Office. A Bond of Caution is therefore required before Confirmation is granted in favour of an executor-dative (i.e. an executor appointed by the Court to administer an intestate estate in contrast to an executor-nominate who is appointed by a Will).

The Bond of Caution required under Scottish Law for intestate estates is intended: (1) to protect the inheritance of beneficiaries from the mistakes of executors by ensuring that an estate is distributed according to the Scottish Laws of Succession; and (2) to ensure that the person applying for Confirmation is entitled to do so.

The Bond of Caution is normally obtained from an insurance company, but most insurance companies do not provide this service. Only two insurance companies offer these bonds: Royal and Sun Alliance and Zurich GSG. Both insurance companies charge a fee for acting as cautioner and issuing a bond. Royal and Sun Alliance only accepts applications from solicitors appointed to act on behalf of executors and will not issue a bond directly to an individual. If an executor wishes to apply for Confirmation without using the services of a solicitor that individual can only apply for a bond from one insurance company, Zurich. In the absence of competition, Zurich is in a monopoly position and has freedom to charge whatever premium it deems appropriate. The premium will normally be higher if the executor does not appoint a solicitor to assist in obtaining Confirmation. If an estate includes property, the fee requested can be several thousand pounds because the insurance company premium is based on a percentage of the value of the estate.

http://www.scottish.parliament.uk/gettinginvolved/petitions/...

Zurich Surety:

A Bond of Caution provided by an insurance company is a guarantee (for the benefit of creditors and beneficiaries) that the estate of the deceased will be distributed according to the Scottish Laws of Succession. The Bond of Caution is not an insurance policy which provides cover or protection to the Executor. The Executor retains the legal obligation to administer the estate according to law.

http://www.zurich.co.uk/gsg/productsandservices/bondsofcauti...

Statement of Demands and Needs

A bond of caution provided by Zurich Insurance Public Limited Company (“Zurich”) meets the demands and needs of those persons wishing to obtain confirmation in respect of an intestate estate or, in some cases, a testate estate in Scotland. Instruments of this nature are a compulsory requirement of Scottish Law in certain circumstances and not a matter of choice upon which we can make, or do make, any recommendations

Executor’s right of Cancellation

You have the right to cancel the bond of caution provided by us within 14 days of the date you receive the executed bond from Zurich if the original bond is returned to Zurich together with a signed confirmation that it has not been lodged with the Court. Zurich will then be pleased to confirm that the bond has been cancelled and refund any premium paid. No administration fee will be retained by Zurich if a bond is cancelled in this way.

Claims

The bond of caution is not an insurance policy which provides cover or protection to the Executor. The Executor at all times retains the primary legal obligation to administer the estate according to law. and to satisfy the claims of beneficiaries of the estate. Where a valid claim is made under the Bond, Zurich will pay the claim and the Executor will be bound to make reimbursement of this amount to Zurich plus any costs incurred by Zurich in relation to the claim.

http://www.zurich.co.uk/gsg/productsandservices/all_applicat...