How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Jo C. Your Own Question

Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69371
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

I have company and an insurance claim for theft of small tools

Customer Question

I have company and an insurance claim for theft of small tools is outstanding for three years I want sell my company but don't want to sell the claim with it what can I do ?
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.

Thank you for your question. My name is Jo and I will try to help with this.

Is the "Company" a limited company?

Was the claim made by the company itself or by you personally?

How much is the claim?

Will it be settled in your favour?

Why is it still outstanding after three years?
Customer: replied 2 years ago.

Hi Jo yes the company is Ltd and the claim was made by the company the claim is for around £30,000 hopefully made in the compaies favour still out standing because the loss adjusters looking for many excuses to not pay out, I just want to know if I can sell the company but how I can retain the claim ? in my favour or another companies favour ?

Expert:  Jo C. replied 2 years ago.
Sorry for the delay.

There is no problem in doing this. What you need to do is get the limited company which has the benefit of the claim to write to the insurer and make sure that the insurer acknowledges and agrees telling them that from now on you personally (or your new limited company) will be dealing with the administration of the claim and that the benefit of the policy has been assigned to them. Do make sure they agree and acknowledge to do that. There is no legal reason why they should not do. Make sure that you explain exactly who you are and that only you have any knowledge of the fact. Explain that you are selling the company and that you wish to retain the benefit of the claim.

Then, you need to make sure that in the agreement for sale the proceeds of the policy are specifically excluded from the sale both in the pre-sale negotiations and in the post sale negotiations.

If for any reason insurance company starts to be awkward and will only deal with the original limited company you need to put in the provision that in respect of the claim, the new buyer will deal with all enquiries relating to the insurance claim and will forward any proceeds to you immediately, payable to you (or your limited company) on receipt. If they don't do so, you can obviously sue them.

Can I clarify anything for you?

Jo

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions