Open Cover was introduced by a predecessor of IRS over 50 years ago.

The principle 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.

SITE VISITS

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.

WHY IRS?

Automatic cover

No lengthy or complicated application forms

Advice and monitoring throughout currency of each individual case

Specific Property Owners product with expanded wording

Management and supervision of pre-appointment insurance whether continued or cancelled

Loss recovery and claims assessment

Our expert team can conduct site visits and risk appraisals

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.

PRE-APPOINTMENT INSURANCE

There are several different services IRS 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 we will 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.

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. IRS will also take over the handling of pre-appointment claims matters.

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.

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