This has traditionally been done by arranging separate cover or relying on insurances which are already in place on appointment.
The insurance for the buildings of private dwellings is normally arranged on a reinstatement (i.e. rebuilding cost) basis. A Trustee’s interest in a Bankrupt’s property may, however, only be limited and the Trustee may not want to go to the expense of arranging full reinstatement cover, especially if there is cover already in place.
A Trustee could have their interest noted on any existing insurance and not arrange their own cover. However, this course of action is not without risk. SRIS has therefore, developed a cost-effective range of insurance options for Bankruptcies, including Financial Interest cover.
We are happy to discuss the options with you to ascertain which suits your business or develop a bespoke option if that is needed.
Am I able to defer settlement of the insurance premium until the assets have been sold?
Yes, we are able to agree deferred payment arrangements upon request, although in the event of a claim the premium up to the period of the loss will need to be settled before the claim will be paid out.
Do you have a facility to view copy documents and invoices?
Yes, we have a Client Service Portal which provides a document library and the ability to notify us of policy amendments and claims. Please get in touch with your Client Executive or any member of our team to sign-up.