Those of you who read this blog regularly are already aware that being an executor carries with it personal liability for mistakes and omissions on the part of the executor. Personal liablity goes beyond a slap on the wrist and maybe being kicked out of the executor role; it means you could end up paying out of your own pocket for mistakes you make during the administration of an estate.
This article from www.canadianunderwriter.ca talks about executor insurance. I know that most of you out there have had no exposure to executor insurance, as it's a fairly new product. Not to mention that your typical executor who works without a lawyer tends to do things as cheaply as possible, and would consider things like insurance to be "extras". But this article is interesting in terms of how executor insurance works and what it covers, so click here to check it out. You may still choose not to have this insurance, of course, but at least you'll know more about your personal liability.