Power to insure building or other property
18A Power to insure building or other property
A trustee may insure a building or other insurable property against loss or damage, by fire or otherwise, and against any risk or liability that it would be prudent for a person to insure against if acting for himself or herself.
The amount that a property is insured for must not exceed the full value of the property but that value is not limited to the sale value and may include the replacement cost at the material time as well as indemnity against loss of rent and other collateral risks.
A trustee may pay the premiums for the insurance out of any income from the property insured or out of the income of any other property subject to the same trusts, without obtaining the consent of any person, despite that there may be a person entitled wholly or partly to that income.
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