Security May Be Provided By Insurance

Security for the faithful performance of the personal representative's trust, as required by Section 2011 of this Title, may in the discretion of the Superior Court of Guam be provided, in whole or in part, by the procurement and maintenance by the personal representative of a policy or policies of insurance sufficient to indemnify the estate for the loss of or damage to the property of the estate which is the subject- matter of such policy or policies; provided, that in such case such policy or policies shall clearly provide that the loss beneficiary thereunder shall be the estate, and not the personal representative in his individual capacity; and provided further, that if the Superior Court of Guam orders that security for the faithful performance of the personal representative shall COL10312014 CH. 20 OATH, FORM OF LETTERS, AND SECURITY FOR FAITHFUL PERFORMANCE OF PERSONAL REPRESENTATIVE be provided, in whole or in part, as set forth hereinabove in this Section, letters shall not issue to the personal representative until the Superior Court of Guam is satisfied that each insurance company providing such policy or policies of insurance has been served with a copy of such order, that such policy or policies are in effect, and that a certified copy of such policy or policies has been filed with the Clerk of the Superior Court of Guam.