TRUSTEE ACT 1925 - SECT 41 Insurance
TRUSTEE ACT 1925 - SECT 41
Insurance(1) A trustee may insure against loss or damage, whether by fire or otherwise, any insurable property, and against any risk or liability against which it would be prudent for a person to insure if he or she were acting for himself or herself.
(2) The insurance may be for any amount, provided that, together with the amount of any insurance already on foot, the total shall not exceed the insurable value or liability.
(3) The premiums may be paid by the trustee out of the income of the property concerned or out of the income of any other property subject to the same trusts, without obtaining the consent of any person who may be entitled wholly or partly to the income.
(4) This section applies to a trust except so far as the contrary intention appears in the trust instrument.