What You Need To Disclose About Your Company
Advice about you and your company obligations to disclose previous Bankruptcies, Liquidations, CCJ’s, CVA’s,
A common question that an Insurance Company normally asks is something along the lines of :-
So what happens if I don’t disclose my business history?
It’s essential that you disclose everything to a prospective insurer simply because it is the only way to avoid problems when it comes to making a claim. You should find out full details of any insolvencies, bankruptcies, liquidations or details of any receivership from all Directors and other significant people in the business and everyone living with you and then disclose everything. To emphasise, this is not just applicable to the person applying for the Insurance or entering into the contract on behalf of others, it applies to everyone. You should also adopt this approach to all questions. Bear in mind that it won’t take long for an insurer or their claim representative to find out that there is a prior history of insolvencies, bankruptcies, receiverships as well as any other financial irregularities, which, if not disclosed could mean that they would deny your claim, leaving you to pick up the costs yourself. Having a good Insurance Broker means that you can always ask them for advice if you’re not sure what needs to be disclosed.
Do personal CCJ's and IVA's have to be disclosed?
Yes, just like disclosing your business history, you should also disclose the financial history of all other Directors and other significant people in the business and everyone living with you.
Can I still obtain Insurance if I have ever been declared bankrupt or insolvent or been a director of a company that’s gone into liquidation, administration or entered into an agreement with creditors?
Yes, we have good relationships with a number of insurers who will provide insurance although it can often depend on the back story. Many Businesses fail through no fault of the people involved and insurers are sympathetic where there are genuine reasons for Businesses failing. It also helps having a good Insurance Broker that is trusted by Insurance Companies and who are able to present and explain all the circumstances properly.
As always please contact us if you wish to discuss this or any other aspect of your insurance.
A common question that an Insurance Company normally asks is something along the lines of :-
“Have you or those normally living with you (or directors of your business) ever been declared bankrupt or insolvent or a director of a company that’s gone into liquidation, administration or entered into an agreement with creditors”
So what happens if I don’t disclose my business history?
It’s essential that you disclose everything to a prospective insurer simply because it is the only way to avoid problems when it comes to making a claim. You should find out full details of any insolvencies, bankruptcies, liquidations or details of any receivership from all Directors and other significant people in the business and everyone living with you and then disclose everything. To emphasise, this is not just applicable to the person applying for the Insurance or entering into the contract on behalf of others, it applies to everyone. You should also adopt this approach to all questions. Bear in mind that it won’t take long for an insurer or their claim representative to find out that there is a prior history of insolvencies, bankruptcies, receiverships as well as any other financial irregularities, which, if not disclosed could mean that they would deny your claim, leaving you to pick up the costs yourself. Having a good Insurance Broker means that you can always ask them for advice if you’re not sure what needs to be disclosed.
Do personal CCJ's and IVA's have to be disclosed?
Yes, just like disclosing your business history, you should also disclose the financial history of all other Directors and other significant people in the business and everyone living with you.
Can I still obtain Insurance if I have ever been declared bankrupt or insolvent or been a director of a company that’s gone into liquidation, administration or entered into an agreement with creditors?
Yes, we have good relationships with a number of insurers who will provide insurance although it can often depend on the back story. Many Businesses fail through no fault of the people involved and insurers are sympathetic where there are genuine reasons for Businesses failing. It also helps having a good Insurance Broker that is trusted by Insurance Companies and who are able to present and explain all the circumstances properly.
As always please contact us if you wish to discuss this or any other aspect of your insurance.
