COVID-19 Notice: Thomas Carroll remain committed to putting our clients at the forefront of what we do. In light of the firebreak lockdown announcement for Wales, we wanted to remind you that we are fully operational whilst working from home, so that we can continue to provide the same quality service that you normally enjoy from our team. To find a contact number for a member of our team, please click here.

Visit our COVID-19 risk management updates and advice hub here. If you’re in business, we have produced a number of guides, checklists and templates to help with your return to work preparations and ensuring your workplace is safe for your employees in these challenging times.

Close

Introducing: Lender Due Diligence Service

22 Jul

Lender Due Diligence Service – Protecting Your Interest and Ensuring the Borrower’s Insurance Arrangements Are Suitably Robust

Since the demise of the British Bankers’ Association/Association of British Insurers Bank Agreement in 2012, we have seen a sharp increase in the number of requests for bespoke amendments to policies at the request of lenders. These requests create a range of challenges for brokers and insurers, due to their complexity and nature of the requests. In an earlier blog post, we have explored the most common clauses requested by lenders, which you can see here.

In response to providing ongoing advice and guidance to lender clients involved in lending in the real estate and construction sector and those providing business finance in the form of loans and equity, we have, over the past 18 months, created a specific due diligence service.

The service involves our experienced team of risk professionals working with the lender/arranger to ensure the borrower’s insurance arrangements meet, as far as possible, the requirements of the finance agreement(s).

Our experienced team provide an independent insurance review of the proposed or existing insurance covers and will then make recommendations highlighting any concerns or issues in a bespoke, independent report.

The service is flexible and can be adapted to meet and address a specific need(s) and we would welcome a discussion around your requirements to mutually agree a service that adds real value to your investments and interests.

The cost of the service is individual and based on a balance of the scope of the service, the projected volume and an honest discussion of the expectations of all parties.

Much like the wider economy, the insurance marketplace remains in a period of uncertainty with clients in a number of key sectors encountering a hardening market, with widespread increases and more restrictive cover. Now, more than ever, it is vitally important to understand the nuances of a particular insurance policy and whilst legal professionals may understand the potential legal implications of an insurance policy, our experienced team of risk and insurance professionals can provide a complete appraisal with current market conditions in mind to offer peace of mind to your investment or undertaking.

Our Team Would Welcome a Discussion With You – Contact Us Today

If you have any questions or would like further information, please do not hesitate to contact our team today on 07879 665603 or email greg.edwards@thomas-carroll.co.uk.