What is insolvency open cover insurance?
Insolvency insurance open cover is a specialist insurance facility designed specifically for insolvency practitioners, fixed charge receivers, administrators and liquidators. It provides immediate insurance coverage for properties and assets from the moment of appointment, without requiring lengthy proposal forms or detailed risk information upfront.
The concept of open cover means that insurance protection begins immediately upon your appointment, with full risk details collected over a period of up to 30 days. This approach recognises that you often have limited time and knowledge of the business at the point of taking control, but need immediate insurance protection for the assets under your management.
Unlike traditional insurance policies, open cover is specifically structured to accommodate the unique challenges faced by insolvency practitioners. It provides breathing space to properly assess risks whilst ensuring continuous protection for properties, stock, plant, machinery and liability exposures from day one.
Who needs insolvency open cover insurance?
Our insolvency insurance services are designed for professionals who take control of distressed businesses and their assets, including:
Insolvency practitioners
Licensed insolvency practitioners appointed as administrators or liquidators require immediate insurance protection for business assets, trading risks and properties under their control. We provide tailored solutions whether you are managing a single property or a portfolio of over 100 locations.
Fixed charge receivers and LPA receivers
Receivers appointed over specific charged assets need appropriate insurance coverage that aligns with their duties to the appointing lender, whilst protecting the assets in their control. Our team understands the nuances of receivership appointments and structures cover accordingly.
Trustees
Solicitors acting as trustees for probate estates or managing assets for individuals lacking mental capacity require insurance for properties and assets under their stewardship. We provide straightforward solutions that protect your position whilst fulfilling your duties.
Law firms handling insolvency proceedings
In-house insolvency teams at law firms benefit from our understanding of professional requirements and the need for insurance solutions that integrate with existing professional indemnity arrangements.
Discuss your insurance needs with our team
Whatever your insurance requirements, our team is here to guide you through the process. Contact us arrange suitable cover for properties and assets.
Why should I choose Eddisons for insolvency open cover insurance?
Eddisons has been providing insolvency insurance services for over a decade, building trusted relationships with leading restructuring firms across the UK. We are recognised as one of only three to four specialist providers of insolvency insurance in the UK market. What sets us apart is our multi-disciplinary approach. As a RICS-regulated property consultancy with over 450 professionals across 30 UK offices, we combine insurance expertise with comprehensive property services that conventional brokers cannot replicate.
Some of the main aspects that set our insurance team apart from others include:
Partnership with Allianz
We partner exclusively with Allianz, the world's largest insurer and holder of the "Best Global Insurance Brand" title for six consecutive years. This partnership provides:
- Exceptional financial strength and stability
- Dedicated insolvency underwriting team
- Fair and pragmatic approach to the Insurance Act
- No requirement for lengthy proposal forms
Dedicated Crawford loss adjusters
Our claims management is enhanced by dedicated support from Crawford, who provide:
- £2 billion of claims under management
- UK's largest major loss team with 1,500 combined years of experience
- National footprint enabling rapid deployment
- Market-leading managed repair service
- Technical capability from desktop claims through to complex field-managed claims
This partnership ensures you receive hands-on claims management, not administrative form-filling exercises.
Multi-disciplinary property expertise
Unlike traditional insurance brokers, Eddisons offers integrated property services that add genuine value throughout your appointment:
- RICS-registered valuers to ensure accurate insured values
- Building surveyors for reinstatement cost assessments
- Project managers for complex claims and remediation works
- Property agents for asset disposal and lease negotiations
- Auctioneers for efficient asset realisation
- RemoteZone vacant property security and compliance services
This integrated approach means we can handle complex situations that would require multiple external appointments with other brokers.
Competitive pricing guarantee
Insurance costs through Eddisons are consistently lower than our specialist competitors. We benchmark premiums throughout appointments and proactively recommend cover adjustments to ensure you only pay for the protection you actually need.
We operate on a reduced commission basis for larger premiums where standard commission structures are not commensurate with the work involved. Our fee structure is transparent and can be formalised to suit your requirements.
"Our approach to insolvency insurance is refreshingly different. We reduce your errors and omissions risk by taking responsibility for collating information and recommending cover. We then integrate insurance with hands-on risk management, so you can focus on what you do best whilst we handle the insurance complexities."
Our insolvency insurance services
Immediate open cover
We confirm insurance coverage from the day of your appointment. Whether you need protection for a single property or a complex multi-site portfolio, cover is in place immediately whilst we work with you to gather full risk details over the following 30 days.
Pre-appointment advice and planning
We provide pre-appointment advice on a complimentary or time-costed basis, helping you understand insurance implications before accepting appointments. This includes a review of existing insurance arrangements, an assessment of the adequacy of cover and insured values, and more.
Bespoke cover throughout appointments
Open cover is just the starting point. We work with you throughout appointments to ensure cover remains appropriate and cost-effective. Here is what we will do for you:
- Regular reviews of insured values and cover requirements
- Adjustments for asset disposals and changing risk profiles
- Modifications for trading periods
- Specialist cover for unusual risks or complex situations
- Benchmarking against similar appointments
Discuss your insurance needs with our team
Whatever your insurance requirements, our team is here to guide you through the process. Contact us arrange suitable cover for properties and assets.
Claims and crisis management
Our approach to claims management represents a genuine differentiator in the insolvency insurance market. We manage claims on your behalf through to conclusion, dealing directly with loss adjusters, surveyors and insurers. Choosing us will give you access to the following:
24/7 crisis response
We provide out-of-hours support for urgent situations, with directors available to attend site in crisis situations
Hands-on claims management
When claims occur, we take a proactive approach:
- Immediate notification to insurers and Crawford adjusters
- Site attendance
- Coordination with structural engineers and specialist contractors
- Project management of remediation works through our building consultancy team
- Regular updates on progress and costs
- Settlement negotiation to maximise recoveries
Pre-appointment claims settlements
We conduct due diligence on pre-appointment claims and manage them through to conclusion. We have secured numerous successful settlements where pre-appointment claim recoveries have materially improved overall asset realisations for creditors.
How do I start the insolvency open cover insurance process?
We have streamlined the process of arranging insolvency insurance to minimise administrative burden. Follow these steps to get started:
- Initial contact – Call 0113 283 2489 as soon as you are aware of a potential appointment, before formal acceptance if possible
- Immediate confirmation – We provide confirmation of open cover within hours, often before formal appointment
- Risk information gathering – Over the following 30 days, we work with you to gather comprehensive risk details
- Cover recommendations – We provide clear recommendations on appropriate cover levels and any adjustments required
- Ongoing management – Throughout your appointment, we proactively review cover and recommend adjustments as circumstances change
- Claims support – If claims arise, we manage the entire process on your behalf
Payment of premiums can be deferred throughout appointments, recognising the practical realities of insolvency work where initial funding may be limited.
Why Eddisons is different from other insolvency insurance brokers
The UK market for specialist insolvency insurance is limited to a handful of providers. What differentiates Eddisons is our unique combination of capabilities:
|
Traditional brokers provide: |
Eddisons provides: |
|
|
Get insolvency open cover insurance today
Whether you need immediate open cover for an urgent appointment or would like to discuss insurance strategy for a complex restructuring, our specialist team is ready to help.
For immediate appointments requiring same-day cover or general enquiries about our insolvency insurance services, call Nick Towns directly on 0113 283 2489. Alternatively, complete the form below explaining your requirements.
