INSURANCE
Trustees may insure trust property against loss or damage by fire subject to the following conditions:
1. The insurance must not exceed the full value of the property;
2. The trustees must not insure if:
- The trust instrument forbids this, or
- The trustees are bound to convey the property absolutely to the beneficiary on request;
3. Premiums may be paid out of income of the trust property (not necessarily the property insured);
4. Insurance money received is to be treated as capital, and held on the same trusts as the property insured.