Ohio Code 1112.13 – Fidelity bonds; liability insurance
(A)¿Each licensed family trust company shall obtain and maintain all of the following:
Terms Used In Ohio Code 1112.13
- Family member: means all of the following, provided that the designated relative is not more than ten generations removed from the youngest generation of family members:
(a) All lineal descendants, including adopted children, stepchildren, foster children, and individuals who were a minor when another family member became a legal guardian of the individual, of the designated relative;
(b) Such lineal descendants' spouses or spousal equivalents. See Ohio Code 1112.01
- Family trust company: means a corporation or limited liability company organized under the laws of this state that meets all of the following requirements:
(1)¿It is organized to serve only family clients. See Ohio Code 1112.01
- Licensed family trust company: means a family trust company licensed under this chapter. See Ohio Code 1112.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Property: means real and personal property. See Ohio Code 1.59
(1) Fidelity bonds in such amounts as it considers advisable, but not less than an aggregate amount of one million dollars, on any active officer, manager, family member acting in a managerial capacity, or employee, whether or not such persons receive a salary or other compensation from the family trust company, to indemnify it against loss because of any dishonest, fraudulent, or criminal act or omission by any of the persons bonded, acting alone or in combination with any other person. The bonds may be in any form and may be paid for by the family trust company.
(2) Directors and officers liability insurance coverage in the amount of at least one million dollars.
(B)¿A licensed family trust company may also procure property and casualty insurance of a nature and with such coverage amounts as it considers advisable.
Last updated July 22, 2021 at 9:37 AM