Partnership Insurance

A partnership is a business conducted jointly by numerous parties, with each member carrying on the partnership in their own way. If a partnership agreement exists, partnership insurance is provided to all insurable partners in the firm. This agreement states that if one of the partners dies, the remaining partners have the right to purchase the deceased partner's share of the firm. If all of the firm's partners are covered by insurance, the partnership firm should have enough funds to buy the deceased partner's share.

All insurable partners must be covered. All partners in a partnership administered by a firm have an insurable interest in each other's lives up to the amount of "buy money" that must be paid on the basis of each partner's share. If one of the partners dies, the firm will receive the proceeds. These proceeds are paid to the legal heirs for the settlement of the portion of the share (in part or in full).

Partnership Insurance ensures business continuity in the event of unforeseen circumstances.