Insolvency Insurance Facility

Insolvency insurance facility

The insolvency insurance facility provides automatic cover giving immediate protection upon appointment, subject to the terms and conditions. It is designed to streamline the insurance process and provide efficient coverage for insolvency practitioners (IPs).

The facility provides breathing space in order to obtain risk information before premium calculations are made, therefore ensuring that cost and cover levels are appropriate for each individual engagement whether this includes ongoing trading of the business or disposal of assets or other insolvency related activities.

The cover is flexible and can be adapted on an ongoing basis ensuring that costs are controlled by only paying for insurance cover that is required. The policy outlines the terms, conditions, and automatic coverage limits.

The advantages of open cover insurance for the insolvency practitioners includes:

Efficiency: Cover is automatic with effect from the time and date of appointment (Subject to terms and conditions). This is followed by a 30 day discovery period, therefore, there is no requirement for full information to be provided immediately. This gives protection, comfort and saves time and administrative effort.
Cost-effectiveness: Costs are controlled by only paying for insurance cover that is required. Consolidated cover under a master policy provide cost savings
Flexibility: The facility is designed to cover all types of appointment regardless of whether there are short term insurance requirements for those cases where assets are sold shortly after appointment or longer term insurance requirements for trading risks. Flexible payment options are also available
Comprehensive coverage: The policy wording is bespoke and has been specifically designed to cater for the insurance needs of Insolvency practitioners

Marsh works closely with Insolvency Practitioners to understand the scope of insurance coverage and policy limits that are required on the appointments that they take and adapt the master policy where appropriate.

Overall, the Insolvency insurance facility offers a streamlined and cost-effective solution for insolvency practitioners. Our scheme is exclusive to Marsh and provides comprehensive coverage for the variety of different strategies within the insolvency process.

Alongside our risk management support we help to mitigate risks and provide financial protection for Insolvency Practitioner throughout the insolvency journey.

Upwards view of City Of London financial district

Product

Insolvency Insurance Facility