Businesses in Bankruptcy - Seneca Insurance

We’ve got a specialty package policy for companies in bankruptcy or receivership.

Our Insurance Solutions For Businesses In Bankruptcy

Seneca Insurance Company has positioned itself as a market leader in receivership and bankruptcy insurance. There are several key competitive advantages we provide to our agents in order to get coverage in the hands of insureds in receivership or in Chapter 7 or 11. This includes the following:

Providing a Package policy on an admitted basis
Speed & Service: the ability to provide the trustee assigned to the case with expedited insurance placement
Insurance Quotes available on limited information—we do the information-gathering (no loss runs)
Stop-Loss Limits (limits align with market value or loan amount, coinsurance is waived via agreed value or 0% coinsurance)
Prorate Cancellations (including for reasons of removal of appointment as trustee/ receiver, property being sold, abandonment of property)

Our Appetite

Who We Write

Where We Write

Coverages We Write

Highlights

Named insured must be the insolvency professional to avoid moral hazard
Property Coverage: This includes insurable property assets acquired by the bankruptcy estate that are required to be covered by the bankruptcy court; e.g., buildings, equipment, stock, business personal property, tenants improvements and betterments
Liability Coverage: Limit coverage to the premises by excluding products and completed operations, personal or advertising injury, and professional services
Minimum Premium: $1,150
Minimum Deductible: $1,000
Lengths of Policies: Policies with annualized terms with a 25% minimum earned and pro-rate cancel once assets are liquidated
Turnaround: Due to the time sensitivity, fast turnaround is required; typical turnaround time is 24-48 hours (contingent on the complexity of the risk)