Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

New company structure - will claims history from old company?

  • 28-04-2021 8:45pm
    #1
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 4,003 ✭✭✭


    One for my insurance broker over next little while but I'll try here first. Company I work for will be bought out by management in 2022 or 2023, including myself. At the moment it's 1 company covering the whole of Ireland and has been operating for 30 odd years....few motor and public liability claims in the last few years, occupational hazard I suppose. Paying for it in increased premiums though, and it's a big big expense.

    In the buyout, the company will be split into either 4 or 5 new companies, with different owners and shareholders of each new part, roughly along geographical lines.

    At the moment we have 1 company Buddy Bubs Ltd covering all our manufacturing and installations but we will have

    Buddy Bubs Ltd (holding company)

    And new entities

    Buddy Bubs manufacturing Ltd
    Buddy Bubs Leinster Ltd
    Buddy Bubs Munster Ltd
    Buddy Bubs Connacht Ltd
    Buddy Bubs Ulster Ltd

    These new entities will own the vans and be carrying out manufacturing/installations where the claims have been. We've never had an EL claim thankfully.

    So, would it be possible for these new entities to have a clean slate when it comes to getting insurance or will the association with the company at the moment supper that plan?


Comments

  • #2
    cplwhisper
    Registered Users, Registered Users 2 Posts: 797 ✭✭✭cplwhisper


    Buddy Bubs wrote: »
    One for my insurance broker over next little while but I'll try here first. Company I work for will be bought out by management in 2022 or 2023, including myself. At the moment it's 1 company covering the whole of Ireland and has been operating for 30 odd years....few motor and public liability claims in the last few years, occupational hazard I suppose. Paying for it in increased premiums though, and it's a big big expense.

    In the buyout, the company will be split into either 4 or 5 new companies, with different owners and shareholders of each new part, roughly along geographical lines.

    At the moment we have 1 company Buddy Bubs Ltd covering all our manufacturing and installations but we will have

    Buddy Bubs Ltd (holding company)

    And new entities

    Buddy Bubs manufacturing Ltd
    Buddy Bubs Leinster Ltd
    Buddy Bubs Munster Ltd
    Buddy Bubs Connacht Ltd
    Buddy Bubs Ulster Ltd

    These new entities will own the vans and be carrying out manufacturing/installations where the claims have been. We've never had an EL claim thankfully.

    So, would it be possible for these new entities to have a clean slate when it comes to getting insurance or will the association with the company at the moment supper that plan?

    Chat to your current insurer. They may be able to offer underwriting rates for your existing staff & vehicles under the new company identities.

    Understandingly it won’t ignore any prior claims/loading a simple due to change in company names.

    Bring your business plan to them & they’ll work it out.
    All the best!!


Advertisement