At Keep, we're here to make sure your insurance works as you expect. We want all valid claims to be covered.
Why We Need Your Financial History: Before your insurance starts, we exchange information to create an insurance contract. This includes a 'fair presentation of risk'. This means you need to share important details about your business, like the state of your buildings, past claims, and yes, your financial history.
What You Must Disclose: When you get a policy from us, you'll see these key points:
Any criminal convictions (except for driving).
If you've ever been bankrupt or led a company that went under.
Any breaches of Health & Safety laws.
If you've had insurance canceled or changed by another insurer.
Any County Court Judgements.
Insurers need this information to assess the risk of providing you with coverage. They want to make sure that you are a good risk and that you are not likely to make a claim. If you fail to disclose your financial history, the insurer may deny your claim or cancel your policy.
Why? If you don't share this, insurers might not pay out on a claim. We've seen it happen because of a 'failure to disclose'. It's not common, but we want to avoid any issues.
Who Should Know? If you're a director or manager responsible for handling insurance matters, please make sure others in your business know about these requirements. New directors for example can join anytime, so always be aware and make relevant lawful enquiries within your business.
Why Insurers Care? Insurers want to know they're dealing with trustworthy businesses. They look at your financial history to understand any risks you might pose. It's about ensuring everyone is of good character. You cannot be accused of over-disclosing, so it is always better to be safe than sorry.
What should I do if I need to disclose something? If you discover anything that you need to disclose, please contact us immediately. We will be able to help you find a solution.
Will My Insurance Be Canceled If I Share Something? Most insurers will just ask for more details. But some might not cover businesses with directors who've faced bankruptcy or have a criminal record. It's better to share this upfront than face issues during a claim.
Here are some tips for disclosing your financial history:
Be honest and upfront.
Provide as much detail as possible.
Keep documentation of everything you disclose.
Contact us if you have any questions.
We're here to help. If you're unsure, please reach out to our knowledgable team. It's always better to share more than less, and we'll guide you on what's important.