Can I keep my insurance policies during insolvency?
July 8, 2022 | 40,00 EUR | answered by Wanda Hartmann
Dear Sir or Madam,
My name is Mia König and I am currently involved in insolvency proceedings. In this context, I am concerned about whether I can keep my insurance policies during insolvency.
I have various insurance policies, including liability insurance, household insurance, and private health insurance. These insurances are essential for me to protect myself against potential damages and to safeguard my health.
I am currently worried that I may have to cancel or reduce my insurance policies due to the financial situation in the insolvency proceedings. This would pose significant financial risks for me and severely compromise my protection in the event of a claim.
Therefore, I would like to know if it is possible to maintain my insurance policies during insolvency and what legal options are available to me in this regard. Are there any special regulations or exceptions that would allow me to keep my insurances in place even while going through insolvency proceedings?
I would greatly appreciate it if you could provide me with specific information and recommendations on how to best clarify my insurance situation during insolvency.
Thank you in advance for your assistance.
Sincerely,
Mia König
Dear Mrs. König,
Thank you for your inquiry regarding your insurance policies during an ongoing insolvency proceeding. It is understandable that you are concerned about having to cancel your insurance policies due to financial difficulties within the insolvency process. I understand that your insurance policies are of great importance to you in order to protect yourself against potential damages and to safeguard your health.
It is important to note that during an insolvency proceeding, the so-called insolvency estate is formed from which creditors are satisfied. Generally, all of the debtor's assets are included to form the insolvency estate. Insurance policies are usually considered as part of the assets and could potentially be included in the insolvency estate.
However, there are exceptions and ways to maintain your insurance policies during insolvency. For example, certain insurances may be considered necessary and therefore exempt from the insolvency estate. This typically includes insurances that are essential for livelihood protection or for protection against existential risks.
In your case, the insurance policies you mentioned, such as liability insurance, household insurance, and private health insurance, seem to be deemed necessary and essential for your protection. Therefore, it is possible that you can retain these insurance policies during the insolvency proceeding.
It would be advisable to consult with an insolvency law expert to discuss your specific situation and clarify which insurances may be considered necessary and what steps you need to take to retain them. An experienced attorney can assist you in finding the best possible solution for your insurance situation.
I hope that this information has been helpful to you. If you have any further questions or need additional assistance, please do not hesitate to contact me.
Sincerely,
Wanda Hartmann
Attorney specializing in insolvency law
