Every Trustee in Bankruptcy has a duty to ensure that the assets of the Bankruptcy are adequately insured. 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. IRS 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.
Our people combine over 160 years of insolvency experience
We are recognised as specialists in the UK insolvency market
We provide a personalised service that is tailored to your individual requirements
We can develop bespoke solutions if needed
We are a specialist team who can navigate the hardening insurance market
We have guaranteed, exclusive insurance capacity from leading insurer, MS Amlin
We greatly appreciate the professional, practical and commercial approach of Insolvency Risk Services in what can be difficult circumstances. Their approach allows pragmatic solutions to difficult problems providing vision, clarity and confidence.
Sanderson Weatherall LLP
Moving to IRS was hassle free. I particularly like their relationship management program which ensures frequent communication to me and my staff.
Insolvency Risk Services are positive, pro-active, professional and provide clarity, vision and solutions. They are good at “getting the job done” and I would not hesitate in recommending them.
We have used IRS, who have arranged our Bonding and Open Cover insurance, for many years and have always received a reliable and professional service. The IRS team have always dealt with us promptly and efficiently and provided a high level of customer assistance which is essential in our line of business.