Can Beneficiaries Indemnify an Executor for failure to administer an asset?

We are instructed on an estate where the deceased lived in the UK but was born in St Vincent and retained land there at his death. He was deemed UK domicile at the date of his death and the majority of his estate was located in England. A grant of probate has been obtained and the UK estate fully administered.

We are now looking to administer the estate in St Vincent, however the value of the land in question is minimal and the costs of resealing the grant and arranging for the assent of the land to a beneficiary (as a sale would be unlikely given the nature and location of the land) are likely to be 10 times what the land is actually worth.

The beneficiaries have therefore asked the executor (who is not a beneficiary of the estate) if the land can be left unadministered. There is clearly a commercial argument here, which the executor is inclined to agree with, however having spoken to the lawyer in St Vincent, should anyone wish to deal with the land at a later date then they would need to establish a chain of representation to our executor, who is himself elderly.

I have been trying to research whether or not the beneficiaries can provide an indemnity to the executor and his successors. Can anyone here point me in the right direction? I feel fairly confident that an indemnity could be drafted to protect the executor from costs, if someone later wished to finalise the administration, however any costs at that time are likely to be greater, due to trying to establish a chain and it does seem a bit like kicking the can down the road.