What is a Security Bond?

The Court requires that all Deputies appointed to manage a mentally incapable person’s Property & Financial Affairs arrange a Security Bond with an insurer. The arrangement is a standard requirement and is not intended to reflect on the Deputy’s personal integrity.A Security Bond is a type of insurance policy to protect the mentally incapable person from any financial loss that may occur due to mishandling of their finances. The annual premium depends on the level of security set by the Court, which in turn is determined by the amount of funds that the Deputy will have control of including any non-cash assets such as property.The Court will not send out the sealed Orders until the Bond is set up and they have received confirmation from the Bond provider.