A specialist insurer in the Leisure and Catering sector shows that 3 out of 15 (or 20%) claims are rejected because the client, being a Director or Partner of the business, has had previous County Court Judgements (CCJ’s) which were not disclosed to their insurance company.
It is standard practice for all insurers to ask for previous financial history of the people behind the business which includes previous dissolutions of companies, or, companies that have gone into administration or liquidation; in addition to any County Court Judgements.
For many clients this may be an oversight and not done intentionally; it is therefore very important to be aware of this and to make sure any adverse financial history (such as any of the above) is always disclosed on any insurance purchase.
Don’t risk your claim not being paid if you need any advice, or clarification, simply get in touch..
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