“Stavros, Linda and the Deal Assured team have arranged Key Person protection for many Equistone led management buy outs. On each occasion their service has been first rate, always obtaining comprehensive cover within short timeframes together with clear communication to ensure a smooth completion. I would
recommend them highly.” Steven O’Hare, Equistone Partners Europe
Once all the relevant data is captured, the premium and policy terms are agreed, the insurable interest required by Law must be demonstrated at the exact point when risk is assumed ensuring a valid contract. This can only be timed (new deals) during the completion meeting at the exact moment we call the “eclipse”.
JE: How are premium levels calculated? SN: We are not conflicted and offer a comprehensive choice of competitive providers sourced from the whole of the market. We always confirm the provider offering the lowest pre-underwriting indicative monthly premiums (we should not be beaten on price). The key is highlighting the preferred provider whilst making a full recommendation of potential providers (uncompromised), capable of delivery.
JE: Is immediate cover available and how would this work? SN: On the completion and submission of a clean proposal form to the provider (i.e. individual has no terminal, critical illnesses or adverse family history), the provider will assume risk when instructed by us for a period of sixty days enabling the full underwriting process to be completed swiftly whilst risk has been assumed allowing the deal to complete without delay. All these factors influence our ultimate recommendations requiring relationships, experience, skill, knowhow and reputation.
JE: What happens when the key man is “uninsurable”? SN: There are 1% of cases due to medical underwriting when we are unable to secure terms at any premium with traditional providers. Faced with this dilemma and with the possibility of the deal not completing, we turn to Partnership (www.
partnership.co.uk), a specialist provider of Impaired Lives Life Assurance only).
“Deal Assured provide a quality, tailored service that ensures Keyman Assurance is delivered effectively and with least
disruption to the deal process.” Simon Ward, Enterprise Ventures
Risk and Insurance in Private Equity and M&A 2012/13 Author Viewpoint 45
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