Confidential Key Person covers the death of key individuals or teams who are essential to the transaction and the loss of irrecoverable costs should the deal not happen (for professional advisors cover can also be extended to include the loss of success fees).
- Unlike traditional Key Person insurance, the person to be insured is unaware of the existence of the coverage.
- It is arranged for the duration of the deal negotiations and death from any cause is covered, subject to policy exclusions.
- Cover can commence when the NDA is signed and the policy period is typically up to 12 months (longer periods can be arranged if required).
- The premium is based upon the information contained in the application form, and will vary depending on the age(s) of the person(s) to be insured.
- The policy can be taken out by any party with a financial interest in the transaction being successfully completed, including the buyer, the seller (subject to compliance with policy conditions), and professional advisors.
- Quotations can usually be obtained within 48 hours and policies put in place within 7 days.