(1) A trustee may insure against loss or damage by fire any building or other insurable property to any amount including the amount of any insurance already on foot, for the full value of the building or property, and pay the premiums for such insurance out of the income thereof out of the income of any other property subject to the same trust without obtaining the consent of any person who may be entitled wholly or partly to such income.
(2) This article does not apply to any building on property which a trustee is bound forthwith to convey absolutely to any beneficiary upon being requested to do so.