Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By punkyfish
#322893 Hi

I am 7 years cleared from Bankrupcty so no longer "on the record" and now have my own business where I am Director, plus one Employee. Looking to get Public&Employees Liability Insurance and being asked if I or anyone involved has ever been bankrupt. I have two questions:

Do I legally have to disclose this now?
Can they put my premium up if I do disclose?

As far as I am concerned it's no longer relevant, it's no longer on my credit history so it's no longer public record?
User avatar
By JaneClack
#322913 You were asked the question so you should answer truthfully.

You can add information if you like but remember if you do not disclose this and you need to make a claim and they then find out, it will render any claim and insurance invalid as there is a) the obligation to answer with the truth if you are asked the question and b) insurance is based on utmost good faith which if this question has been avoided or answered incorrectly has not been upheld.

I cannot say whether it will make any difference to the premiums but do know that many people have restarted self-employment again after bankruptcy so it cannot be impossible.
User avatar
By TalbotWoods
#322953 Just goign to add to this a wee bit, a I am self employed and have gone through the insurance loops.

best tip I can give you is phone the companies, as if you use the online forms the second you say yes to bankruptcy, the application will fail, as the online system assumes you currently are!!!

As for increased premium, hard to tell to be honest as they jack the premium up all the time anyway

OK the next question will be who to use, honestly phone around, I looked at the ones that advertise specifically for ex bankrupts and then found they were often loaded in the brokers favour!!!!