Following the breaking news that yet another unrated insurance company Alpha Insurance A/S has been declared bankrupt. Build-Zone are urging potential /Alpha Insurance Structural Warranty policyholders to speak to them for guidance.
Alpha fell into trouble after its reinsurance partner CBL Insurance Limited suffered its own solvency problems. The Danish compensation fund for failed insurers will help pay Alpha claims, however, the Guarantee Fund will only cover claims for Alpha which were filed just before the bankruptcy, and until four weeks after (5 June 2018). Existing Structural Warranty policyholders with Alpha may have some protection under the FSCS – but only in specific cases and then only for 90% of the claim.
And it is not just Structural Warranty policyholders. As reported by the BBC, the news of Alpha Insurance A/S going into bankruptcy has caused chaos amongst their policyholders. Thousands of London taxi and minicab drivers received a text message telling them their insurance had been cancelled and are now scrambling to get covered and they are not the only ones.
Build-Zone have always said and maintained that everyone who buys Structural Warranties should only do so from A-Rated Insurers as it is a long-term insurance policy.
We can offer a choice of A-rated Insurers and high capacity/limits are available.