The principle of Open Cover is simple and straightforward, to provide automatic cover on Assets and Liabilities subject to an appointment, from the instant you are appointed. Our Open Cover product satisfies this requirement by offering up to 30 days automatic cover on a diverse range of trades.
Our service is tailored to your individual requirements and where you need a bespoke solution, we are here to assist you.
When we receive formal notification of appointment for a clients larger trading or more complex risks, we will undertake site visits on your behalf to ensure that assets are correctly covered and that they are legally compliant. This allows us to see the risk with our own eyes, assess client requirements and provide insurers with important risk information
LAW OF PROPERTY ACT (LPA) / FIXED CHARGE RECEIVERS (FCR)
Traditionally Property cover in the LPA/FCR market has seen the use of hybrid wordings that were originally devised to apply to the commercial requirements of Insolvency Practitioners.
In a rapidly changing LPA/FCR market this ‘one size fits all’ offering is not flexible enough to meet the majority of client’s requirements. Therefore in conjunction with our trading partners and insurers we have developed one of the most complete Property covers specifically tailored for this sector.
There are several different services SRIS can provide in relation to Pre-Appointment insurance:
We can review and report on the adequacy of a company’s existing insurance programme, which can be required for bank reporting purposes. We will advise on whether the assets are adequately protected by insurance and highlight cost savings we could make by restructuring their existing insurance programme.
Where cover is required prior to a formal liquidation or administration taking place, we can arrange cover for this hiatus period to protect the assets prior to any formal appointment.
Cancellation of Pre-Appointment cover
Once a formal insolvency appointment has occurred and Open Cover is in place, we will arrange for cancellation of the pre-appointment insurances and obtain any available refunds. SRIS will also take over the handling of pre-appointment claims matters.
Keeping Pre-Appointment insurances in place
There are occasions when it may be advisable to keep Pre-Appointment insurances in place. They may be of a specialist nature or are fully paid and non-refundable upon cancellation. We will undertake a thorough review and we will only recommend this course of action where the client would benefit from the protection provided.
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 Open Cover Team to sign-up