Project
Receivers were appointed over a substantial shopping centre in Northern Ireland. The property required immediate insurance coverage and careful risk management to protect the interests of the secured lender whilst maintaining operations for existing tenants and shoppers. Eddisons was instructed to provide comprehensive insurance solutions and ongoing risk management support throughout the receivership.
Approach
Our team provided immediate open cover confirmation from day one of the appointment, ensuring continuous protection whilst we gathered comprehensive risk information. We conducted an on-site visit within 24 hours to assess the property and meet with the existing shopping centre management team.
Key elements of our approach included:
- Pre-appointment advice and strategic planning with the receivers
- Day one confirmation of site cover with immediate effect
- Comprehensive engagement with the existing shopping centre management team to understand operational risks
- Detailed review of the existing insurance arrangements, including analysis of insured values, claims history and policy coverage
- Direct liaison with the existing insurance broker to ensure a smooth transition
- Identification and resolution of an outstanding fire detection issue that required immediate attention
- Negotiation with existing insurers to maintain continuity of cover with full disclosure of the receivership
Throughout the appointment, we worked closely with the management team to ensure all insurance compliance matters were addressed promptly and effectively.
Results
We successfully arranged for existing insurers to maintain cover throughout the receivership period, avoiding the need for costly replacement insurance. This approach delivered:
- Zero interruption to insurance coverage
- No increase in insurance premiums compared to pre-appointment levels
- Receipt of profit share monies from the existing policy
- Nil additional insurance costs to the receivership
- Professional fee of just £2,000 for the entire engagement
- Successful completion of the receivership with all insurance obligations met
The receivers were able to report significant cost savings to the secured lender compared with typical open cover arrangements.
"Shopping centre insurance during insolvency requires careful negotiation with existing insurers and proactive risk management. By working collaboratively with the management team and maintaining transparency with insurers, we achieved an outcome that protected all stakeholders whilst minimising costs to the receivership estate."
Why should I instruct Eddisons for insolvency insurance?
When you instruct us for retail property insurance during insolvency appointments, you benefit from 180 years of industry experience and our unique combination of insurance expertise with comprehensive property services. Our teams are highly rated and RICS-certified, ensuring the highest professional standards throughout your appointment.
Our multi-disciplinary approach means we can provide integrated solutions, including property management, building surveys and risk assessments that conventional insurance brokers cannot replicate.
Get insolvency insurance support today
We are here to provide insurance solutions for your receivership, administration or liquidation appointments. Please call 0113 283 2489 or complete the form below to arrange a free consultation.
