Fiduciaries may effect liability and accident insurance on property

(a) All guardians, executors, administrators and trustees are authorized to effect liability and accident insurance, in such amount as may be reasonable and proper, on any or all real or personal property under their management and control. (b) Premiums paid on insurance effected according to subsection (a) shall be a proper charge against the estate under management or control, and shall be allowed as a credit on settlements made. Acts 1925, ch. 24, §§ 1, 2; Shan. Supp., §§3349a3, 3349a4; Code 1932, §§ 6215, 6216; T.C.A. (orig. ed.) §§ 35-607, 35-608. (a) All guardians, executors, administrators and trustees are authorized to effect liability and accident insurance, in such amount as may be reasonable and proper, on any or all real or personal property under their management and control. (b) Premiums paid on insurance effected according to subsection (a) shall be a proper charge against the estate under management or control, and shall be allowed as a credit on settlements made. Acts 1925, ch. 24, §§ 1, 2; Shan. Supp., §§3349a3, 3349a4; Code 1932, §§ 6215, 6216; T.C.A. (orig. ed.) §§ 35-607, 35-608.