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Business insurance want info on IVA for more than 6 years
sassysaxophone
Posts: 3 Newbie
We own an apartment with 2 other owners and we are equal shares in freehold through a Management Company. Our house insurance is, therefore, business insurance but insurers want details of any IVA or historic company insolvency EVER. Can they ask for this when IVAs are wiped off the record after 6 year? I'm sure they will put the premium up even now, 10 years later.
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Sorry, to clarify. We own an apartment in a house which was split into 3 apartments. The buildings insurance is in the name of the management company to which the 3 owners belong.0
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Yes, they can ask if you've ever had an IVA. It dropping off your credit file after 6 years doesn't change that.
Are you sure they're asking if you have ever been in an IVA or if your company has ever been in an IVA?1 -
Company insolvency, not personal insolvency, is most likely what they are referring too.sassysaxophone said:but insurers want details of any IVA or historic company insolvency EVER.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
I work for an insurance broker, and we ask for all of this such information. This all forms part of our disclosures to insurers as we have seen insurers try to wiggle out of a claim (prior to the insurance act coming in) - it's a material fact unfortunately.
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Thank you for your replies. They were asking for personal IVAs and/or insolvency plus any previous business liquidation or insolvency. As these events were many years ago for us, we don't have any of the paperwork now. But we were just surprised that we could be asked for anything going back to year dot.0
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Well they can ask pretty much anything outside of things that would be discriminatory.sassysaxophone said:Thank you for your replies. They were asking for personal IVAs and/or insolvency plus any previous business liquidation or insolvency. As these events were many years ago for us, we don't have any of the paperwork now. But we were just surprised that we could be asked for anything going back to year dot.
I'm not sure it's even that unusual to be asked if you've ever been insolvent.1 -
Company would be a CVA. Individual is IVA.sourcrates said:
Company insolvency, not personal insolvency, is most likely what they are referring too.sassysaxophone said:but insurers want details of any IVA or historic company insolvency EVER.
I am guessing that insurance stats must show that directors/shareholders who previously had an IVA have a higher probability of claiming.0
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