Bankruptcy & Insurance

Bankruptcy is a common feature in Britain today and will probably increase in numbers as the current austerity policies take an even firmer grip. If you have been declared bankrupt, insurance cover for essential items such as your home, car or business may be a challenge to obtain as many insurers refuse to quote following bankruptcy.

If you have become bankrupt, or if you have IVAs, CCJs or poor credit history and are looking for insurance cover, contact SIS today, we can help.

Please make your selection below to receive a quote.  Alternatively, you can contact us directly by calling 0161 969 6040 or fill out our contact form and we will get back to you with a quote.

Please select the insurance you require:
If you require a different type of insurance, call us today on 0161 969 6040.
We will be able to help.

Bankruptcy & Car Insurance

For those entering into an IVA or for those who have become bankrupt, insurance for their car or van is still a necessity, mainly because it is a legal requirement to insure a vehicle unless you register your vehicle as SORN. When you declare a bankruptcy or discharged bankruptcy, insurance companies often refuse to offer cover and this can have serious emotional and social consequences to the individual and their families.

Bankruptcy & Household Insurance

When you have been declared bankrupt, insurance for your car can be an issue and this is compounded by household insurers who en mass refuse to quote. Losing your possessions, or worse, your entire home due to loss or damage can wreak havoc on your entire family. Home insurance is therefore an absolute must for any individual and family, but should you disclose an IVA or bankruptcy or discharged bankruptcy, insurance cover on the whole won’t be offered and once more you’ll be excluded not included and as a result you will be exposed to risk.

Bankruptcy & Business Insurance

Setting up in business will always carry an element of risk. The success of your business will depend on many different elements, however, when you factor in a discharged bankruptcy, insurance cover and credit terms can be difficult to obtain. Essential cover such as public and employers liability, are bolt-on to every office insurance policy. If, as a result of a previous IVA or bankruptcy, insurance for your office is refused, you’ll not be able to operate as a business because the law states that all companies must have at least £10 million employers liability cover in place. Surely you should not have to lie to buy insurance so that you can start or continue to trade. The same applies to liability insurance or tradesman insurance. Without liability cover in place claims for damages from your business or the public will not be covered. Some of the underwriting criteria for insurance companies is to exclude insurance cover for ex bankrupts and therefore death or injury to a member of staff or public will not be covered. The result will be that the owner or director will be sued under current legislation and compensation made. This could result in losing not just your business but all equity you may have built up over the years.