Dear Policy Holder,
RE: Alpha Insurance A/S Bankruptcy - We’ve got you covered!
We write to you in respect of the policy that you purchased with your new vehicle, which was underwritten by Alpha Insurance A/S, an insurer based in Denmark. The details of your covered vehicle are below.
You may have seen or read recently in the news that Alpha Insurance A/S has been declared bankrupt. The purpose of this letter is to update you on the situation. We have also enclosed in this correspondence a letter from the liquidators of the estate detailing the legal position of the bankruptcy and your policy. More details on this can also be found at www.fscs.org.uk on their news feed.
Don’t worry, along with the Danish Guarantee Fund and the Financial Services Compensation Scheme, we are working on providing like-for-like replacement cover for you, which will continue to the end date of your policy.
There is no need for you to do anything right now. As detailed in your policy, you are protected by the Financial Services Compensation Scheme. If you have a claim in the meantime, you can still call us and we’ll assess your claim as normal.
We’ll be writing to you again in due course to advise on the solution that we have put in place, and what to do if you no longer require the cover. The good news is that we are working on providing replacement cover for you, and your new cover will be exactly the same as the cover that you have today.
In the meantime, we have enclosed a list of FAQs that you may find useful. These are also available to read on our website at www.premiasolutions.com - further updates will be provided there, so please make sure you keep checking back. If our FAQs don’t answer your question, please give us a call on our dedicated Alpha Insurance hotline on +44 (0)3333 010 750.
Premia Solutions Limited
FAQs FOR ALPHA INSURANCE POLICY HOLDERS
Why have I received a letter from Premia Solutions?
When you purchased your vehicle, you also purchased an insurance policy which was underwritten by Alpha Insurance A/S (Alpha). Alpha was declared bankrupt on 8th May. As the Administrator of the policy you purchased, we’re writing to you to let you know that we are working to put in place like-for-like cover with a new insurer, so you can continue to enjoy the peace of mind your insurance policy provides.
Why is Alpha Insurance A/S no longer underwriting my policy?
Alpha Insurance A/S was declared bankrupt on 8th May, and are presently undergoing insolvency procedures. More details on this can be found here https://www.fscs.org.uk/what-we-cover/products/insurance/alpha-insurance-as-declared-bankrupt/.
Who are the FSCS?
FSCS protects consumers when authorised financial services firms fail. Your Alpha policy is protected by the FSCS. More details on the FSCS and the cover they provide can be found here https://www.fscs.org.uk/
Why is there also enclosed a letter from Poul Schmith law firm?
Poul Schmith are a law firm based in Copenhagen and they are the administrator acting on behalf of the bankrupt estate. It is a legal requirement for them to write to you in respect of your Alpha Insurance Policy. If you have any questions relating to this specific letter, you should direct them to the contacts listed in the letter.
I need to make a claim on this policy, what should I do?
Please refer to the claims process on your policy document. We will process your claim as normal. If you cannot find your policy document or would like to make a claim online you can do so by going to www.premiasolutions.com/contactus and clicking ‘Make a Claim’.
I have an outstanding claim on my policy, what happens now?
If you’ve submitted your claim, and all of the documents that we requested were submitted, it will be assessed as normal, according to your terms and conditions and we’ll be in touch with you in due course to advise on the progress of your claim. Claims are usually assessed within 10-15 working days once we receive all of your documents.
If we’ve contacted you to tell you that your claim has been authorised and is awaiting payment, the great news is that your claim is covered and we’ll be in touch with you to settle your claim very shortly.
What happens if I make a claim between the end of the 4 weeks - referenced in the liquidators letter - and 11th August?
If you have a claim during this period, you should report it as per the claims process in your policy documents. Once we have assessed and authorised your claim 90% will be paid by the FSCS, and the other 10% will be paid by Premia Solutions. This will be explained to you when your claim is assessed.
Will there be any difference between the new cover and my previous cover?
No, we’re working on providing like-for-like cover which will run to the original end date of your policy.
Is this cover optional, and do I still need it?
Your insurance is optional, and you should take some time to consider whether it still meets your needs. You will be given an option to cancel your policy when we next write to you.
What is GAP insurance?
There is a video on our website which outlines the features, benefits, and exclusions of GAP insurance. It can be found by navigating to www.premiasolutions.com/marketing/rti
What is Tyre and Wheel Insurance?
There is a video on our website which outlines the features, benefits, and exclusions of Tyre and Alloy Wheel insurance. It can be found by navigating to www.premiasolutions.com/marketing/taw
Can I cancel the policy and get a refund?
Yes, you can, providing there are no existing claims on your policy. We are authorised by the bankrupt estate to process cancellation requests on their behalf. We will be in touch in due course to explain how you can do this.
Can I buy this Insurance elsewhere?
Your product was designed, in conjunction with your dealer, to provide you with the best possible cover, these products can only be purchased at the same time as the sale of a motor vehicle. We are not aware of like-for-like cover being available in the marketplace after the point of delivery of your vehicle.
If you are thinking of cancelling and buying a product elsewhere, we recommend that you check the market first to ensure that you have the same level of cover that is available at the time of buying a new vehicle. Furthermore, consider the cost of the replacement policy, the coverage, any significant exclusions and limitations in order to make an informed choice, and to ensure that it adequately meets your needs.
You should also be aware that if you cancel your policy, we will not be able to reinstate it.
I’m not the policy holder, but I’m acting on their behalf. What should I do?
If you have power of attorney, please send us evidence of this to the address below. Otherwise, the policy holder will need to contact us to confirm that you can deal with the policy on their behalf.
If the policy holder is deceased, we are sorry if the letter caused you any distress. We were unaware that the Policy Holder had passed away. You can cancel this policy and we will arrange for payment to be made to the next of kin or executor. Please post us a copy of the death certificate/confirmation of the executor to the following address: Premia Solutions Limited, Unit 3, Corunna Court, Corunna Road, Warwick, CV34 5HQ.
Once we have received evidence of the above, we will contact you within 10-15 days to discuss your requirements.
What if the details on my policy are incorrect?
If your details are incorrect, you can let us know online by going to www.premiasolutions.com/contactus, and clicking ‘Make a change’.
Who can help me if I have any other questions?
We hope that you can find the answers to your questions in these pages, however, if you have a query, you can call our dedicated Alpha Insurance Policy holder hotline on +44 (0)3333 010 750.