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Bankruptcy and Insurance

You have an insured who has declared bankruptcy. How does this affect any premiums the insured owes? How does it affect any return premiums due the insured? How does bankruptcy affect cancellation due to nonpayment of premium? Can the insurer cancel on the basis that the bankruptcy itself represents an increase in risk? While we aren't attorneys and can't give you legal opinions, we can provide some guidance on dealing with these issues.

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