Open Cover was introduced by a predecessor of IRS some 50 years ago. Today we remain leaders in providing innovative solutions for professionals in the insolvency market.


The principle is simple and straightforward, to provide automatic cover on assets and liabilities subject to an appointment, from the instant you are appointed. The IRS Open Cover product satisfies this requirement by offering up to 30 days automatic cover on the vast majority of trades.


The Open Cover facility is comprehensive and includes:


  • Automatic cover
  • No lengthy or complicated application forms
  • Site visits and risk appraisal
  • Advice and monitoring throughout currency of each individual case
  • Management and supervision of pre-appointment insurance whether continued or cancelled
  • Loss recovery and claims assessment
  • Flexible payment options


We also appreciate that on occasions you may need something out of the ordinary, whether it be on cover limits or payment flexibility. On more complex issues, where you may need a bespoke solution, we are there to assist you.


Site visits


Most appointments from an insurance perspective are quite straightforward and are usually completed within normal open cover processes. However some cases are complex, particularly if they are trading appointments or unusual risks. We understand that in such instances clients rely upon their insurance provider to ensure they have the appropriate cover commensurate to the risk. When we receive formal notification of appointments for a client’s larger trading or more complex risks, we will undertake site visits on their behalf to ensure that assets are correctly covered and that they are legally compliant. This allows us the opportunity to see the risk with our own eyes, assess client requirements and provide insurers with important risk information. Our service is client driven. We make sure we have an understanding of our client’s business and work for our clients not insurers.


Pre appointment insurance


There are several different services IRS can provide in relation to Pre-Appointment insurance


Turnaround/Investigation Process


IRS can review and report on the adequacy of a company’s current insurance portfolio, which can be required for bank reporting purposes. We will advise on whether the assets are adequately protected by insurance and also whether restructuring of the insurance portfolio could produce any cost savings.


Pre-Appointment Cover


Where cover is required prior to a formal Liquidation or Administration taking place, IRS can arrange cover for this hiatus period to protect the assets prior to any formal appointment.


Cancellation of pre-appointment cover


Once a formal insolvency appointment has occurred and open cover is in place, IRS will arrange for cancellation of the pre appointment insurances and obtain any available refunds. IRS will also take over the handling of any pre appointment claims matters.


Keeping pre-appointment insurances in place


There are occasions when it may be advisable to keep pre appointment insurances in place. They may be of a specialist nature, or are fully paid and non-refundable upon cancellation. IRS will undertake a thorough review and recommend this course of action only where the client would benefit from the protection provided.


Claims management


As part of our service offering we have a dedicated advice and claims management team that handles both pre and post appointment claims matters. Claims are the end product of insurance and our team will always maximise the settlement.
Allied to this is the Loss Recovery insurance product that will pay for the fees of an independent claims assessor to investigate and manage larger claims on your behalf – in partnership with our own team.


Law of Property Act/Fixed Charge Receivers


Traditionally property cover in the LPA/FCR market has seen the use of hybrid wordings that were originally devised to apply to the commercial requirements of Insolvency Practitioners.


In a rapidly changing LPA/FCR market this ‘one size fits all’ offering is not flexible enough to meet the majority of client’s requirements, so in conjunction with our trading partners and insurers we have developed what we believe is one of the most complete property covers specifically tailored for this sector.


Key Open Cover benefits:


  • Automatic cover
  • Specific Property Owners product with expanded wording
  • Site visits and risk appraisal
  • Management and supervision of pre-appointment insurance
  • Loss recovery and claims assessment
  • Flexible premium payment options