Policy Claim

If your business is experiencing financial difficulty and you think you may need to make a claim, the first step is to submit a notification, not a claim form. These are two separate documents, and the notification always comes first.

To begin, download and complete the Purbeck Notification Form.

The form includes guidance on how to complete it and where to send it. Please read your policy carefully before submitting, as the notification must be made in accordance with your policy terms and conditions.

Once we receive your notification, a member of our Support Services team will be in touch to talk through your situation and advise on next steps.

If you'd prefer to speak to someone directly:

Tel: +1 (647) 946-7816 Email: claims@purbeckpgi.ca

We'd always encourage you to get in touch as early as possible. The sooner we hear from you, the more we can do to help.

Once you've submitted your notification and spoken with our Support Services team, we'll assess your position and, where appropriate, introduce you to one of the specialists on Purbeck's panel. After that introduction has taken place, you'll be guided through completing the claim form.

The claim form is available at the bottom of this page, behind a short attestation confirming you've read and understood your policy. Once completed, please return the form to your claims handler and copy in claims@purbeckpgi.ca.

As a Purbeck Personal Guarantee Insurance policyholder, we have a vested interest in your business’ success.

Should you find yourself in a position where your business experiences financial difficulties or a downturn in trade, we want you to know that we are here to offer our assistance via our Support Services team.

Very often, when a company enters into financial distress, it is the first time the management team will have encountered such difficulties.

Leaving the problem to sort itself out is rarely the answer.

Our support team have many years of experience in offering practical solutions, with the aim of helping you in getting back on track.

If you have lost major clients, fallen victim to the insolvency of a customer, or simply find cash flow imploding due to poor sales, we can potentially offer support.

For our Support Services to operate as effectively as possible, we require you to advise us at the earliest possible point in time of you knowing that your business is entering into financial difficulties. You will also be notified of this within your policy. 

To speak to our Support Services you will need to follow up the 'How to make a notification' process above.

Before you can make a claim with us, there are a number of conditions that we expect you to adhere to. These conditions are outlined in your policy. Please take the time to read and fully understand them before considering making a claim.

You will need to meet these conditions throughout the Period of Insurance, and confirm your understanding of them before making a claim.

Purbeck Insurance Services is a trading name of Purbeck Underwriting (Canada) Limited which authorised and supervised in Canada by the Office of the Superintendent of Financial Institutions (OFSI).

Personal Guarantee insurance is provided by a single insurance undertaking, and the risk is underwritten by the Canadian branch of Markel International Insurance Company Limited. 

You must comply with the following conditions which are also described in your policy. If you fail to do so, the Insurer may not pay your claim, or any payment could be reduced.

Please note:

1) You must tell us as soon as possible of any changes to information You have provided in the proposal form which may affect this policy, giving details of what has happened.

2) You must provide us with any information we may ask for.

3) You must not admit liability or offer to agree or to settle any claim without our written permission.

4) You must take all reasonable care to limit any loss.

5) You must provide us with reasonable evidence of the value of the Personal Guarantee called by the Lender.

6) You allow us permission to contact Your Lender directly to confirm the amounts of the Personal Guarantee called by the Lender.

7) You must provide the Insurer with reasonable assistance to affect the assignment of any claim to the Insurer following settlement of that claim by the Insurer.

Complete the Purbeck Notification Form

Prior to commencing the claims process, you will have notified Purbeck to advise on your position at the point in time when you are experiencing difficulties with your business and/or its finances. To make a notification, please complete the notification form which can be downloaded here: Purbeck Notification Form

Complete the Purbeck Claims Form

Once the Notification Form has been completed, and you have been utilising the Purbeck Support Services, you will then be advised to submit a claim form. This can be done by downloading the Claim Form by completing the form at the bottom of this page. Please read and complete the attestation before downloading the form.

Connect your financial data via Validis

Purbeck uses a service provided by Validis to connect to your financial data. Validis provides business data via APIs for SMB lending and embedded accounting automation.

Their specialised infrastructure connects banks and fintechs to all the major accounting, banking, eCommerce, and payments platforms their customers use.

Purbeck will provide you with a link to connect your accounts to the software. You will be walked through the process on how to connect your accounting information. This then gives us access to some of the data we will need to review your claim.

Demand Mitigation Response Service

Once you have completed your claim form we will introduce you to a Demand Mitigation Response Service, chosen by Purbeck.

The Insurer will also pay Your costs resulting from the use, with Our prior agreement, of the Demand Mitigation Response Service in the event that the Company has entered into an Insolvency Procedure. The most the Insurer will pay in the Period of Insurance stated in the schedule for the use of the Demand Mitigation Response Service is £10,000.

The role of the Demand Mitigation Response Service is to communicate with your lender once demands are being made. They will look to try to negotiate a way to reduce fees, delay demands etc.

We will ask you to confirm that you are happy to receive this service, but it is within your best interests to accept the involvement of the Demand Mitigation Response Service as they will likely have a positive impact on your claim.

You must supply any evidence and supporting documents required to support your claim.

Do not disclose your Policy

We advise you not to disclose your Policy to the lender. Disclosure of the policy can weaken the position of your claim as lenders can start making aggressive demands, and can provide complications for the debt negotiation service which we offer under the policy.

Threshold tests

Once the financial data has been uploaded, and we have received a copy of the Statement of Affairs, we will undertake a number of threshold tests during the financial analysis

These threshold tests focus on (1) coverage i.e. compliance with policy terms and conditions and (2) fair presentation of risk i.e. the representations made during the application process which are a fundamental basis on which we have offered insurance cover.

If we identify any issues in respect of these threshold tests, we will let you know and give you the opportunity to comment before we report to insurers.

During these tests you must provide Purbeck with any documentation that may be related to your claim as per your Policy requirements. Purbeck will never ask for any documents or information that isn’t in any way related to your claim.

Examples of some documents that may be required:

• Company Director Disqualification Act Questionnaire for directors (provided during the administration process)
• Copy of the original personal guarantees
• Copies of any demand letters made by the lender
• Communications with HMRC etc.