As an insolvency practitioner, you face unique risks that require specialised insurance coverage. At Lockton, we offer tailored solutions designed to meet your specific needs and regulatory requirements.
Comprehensive protection for Insolvency Practitioners
As an insolvency practitioner, you face unique risks that require specialised insurance coverage. At Lockton, we offer tailored solutions designed to meet your specific needs and regulatory requirements. Our deep understanding of your sector and strong partnerships with leading insurers enable us to deliver comprehensive protection that adapts to your evolving business. When claims arise, our dedicated claims team will be by your side to guide you through the process. With Lockton as your partner, you can focus on your core responsibilities, knowing your business is protected against the complexities of the insolvency process.
Tailored protection for every scenario
The risks you face as an insolvency practitioner go beyond what’s covered in a standard policy. You need tailored, dependable cover that ensures you are fully protected. That’s why we deliver bespoke insurance solutions that respond directly to your individual needs, so you can concentrate on managing your cases, knowing we’ve got you covered.
Safeguarding your clients' future
In today’s volatile economic environment, protecting your clients and their creditors is more crucial than ever. You need to be sure your clients can continue trading wherever possible, while mitigating the attendant risks. By ensuring you have the right protection in place, we help you maintain client operations, freeing you to manage liabilities effectively and achieve the best possible outcomes.
What we bring to your business
We have over 25 years of experience serving the insolvency profession.
We understand the unique challenges you face in your industry.
We ensure you meet the requirements of both clients and regulators.
Our experts provide tailored advice on professional indemnity insurance.
We leverage our market position to secure competitive coverage.
Our skilled claims practitioners are ready to support you in case of claims.
We can create customised policy wordings to meet your specific needs.
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Insolvency Practitioners FAQs
What limit of Professional Indemnity should I purchase as an insolvency practitioner?
The limit of indemnity you need depends on your fee income and your regulatory body’s requirements. For example, the Insolvency Practitioners Association (IPA) mandates that members have a minimum of £250,000 or 2.5 times your fee income (whichever is the greater). But, if your fee income exceeds £600,000, the minimum cover required is £1,500,000. It’s a good idea to review your caseload, its complexity, and the risk exposures it could entail. This may highlight a need for higher limits, particularly if you’re working on cases with the potential for significant third-party claims.
What’s the benefit of having an any-one-claim policy?
An any-one-claim policy offers broader protection, especially if you’re handling larger or more complex insolvency cases. Unlike policies written on an aggregate limit basis, where claims payments are limited to a total annual ceiling, any-one-claim coverage applies the full policy limit to each individual claim. This ensures you’re fully protected for each claim, rather than risking your limit being exhausted by one or two large claims. This can be a critical consideration in the world of insolvency, where unexpected liabilities can often arise.
What is the purpose of Fidelity Guarantee cover, and do I need it?
Fidelity Guarantee cover insures you against losses caused by fraudulent or dishonest acts on the part of employees or volunteers. Not all policies include this as standard, but it is highly recommended for insolvency practitioners, given the sensitivities involved in handling client assets and funds. Fidelity Guarantee cover protects your firm from internal fraud risks, which are often hard to detect in high-pressure insolvency scenarios.
Should my Professional Indemnity Insurance include coverage for regulatory investigations?
Yes, many insolvency practitioners opt for policies that cover the legal costs associated with defending yourself against regulatory investigations. Given the intense scrutiny insolvency cases can attract, this coverage helps protect your business from the financial impact of investigations initiated by regulators like the Insolvency Service or by the courts.
Are insolvency practitioners’ legal defence costs included in PII policies?
Yes, most PII policies for insolvency practitioners include cover for legal defence costs, which can be crucial in defending yourself against negligence claims or disputes. It’s important to make sure your cover includes these costs in full. Legal fees can be substantial, particularly in complex insolvency cases.
Why should I choose Lockton as my adviser on insolvency practitioner’s insurance?
Lockton offers more than just a policy. Its expert team provide tailored solutions specifically for insolvency practitioners. With more than 25 years’ experience in the insolvency sector, Lockton understands the unique risks and challenges you face. Its deep industry expertise allows Lockton’s specialist team to craft bespoke policies that meet both regulatory and client-imposed requirements, assuring you of full regulatory compliance and peace of mind.
How does Lockton’s market leverage benefit me as an insolvency practitioner?
Lockton’s strong relationships with underwriters give its specialist insolvency practitioners team significant market leverage. That translates into highly competitive premiums and comprehensive cover for your business. Whether you operate locally or nationally, Lockton can secure substantial, tailored coverage to fit your business needs.
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