Letter to Commercial Alpha Insurance Policy Holders
Dear Policy Holder,
RE: Alpha Insurance A/S Bankruptcy - We’ve got you covered!
We wrote to you recently informing you that your Alpha policy will terminate on the 11th August under Danish law. We are now in a position to confirm that we have put in place a replacement policy to provide cover through to the original end date of your Alpha policy.
Enclosed is your new policy document and schedule of cover. The policy is underwritten by Syndicate 1991 at Lloyd’s. Lloyd’s is regulated by the Prudential Regulatory Authority in the UK and offers excellent security to its policyholders.
What do I need to do now?
Nothing. Your replacement policy will come in to force on the 12th August and your new schedule of cover and policy document are enclosed.
If you are thinking of cancelling and buying a product elsewhere, we recommend that you first check the market to ensure any replacement would adequately meet your needs. You’ll need to consider the cost of the replacement policy, the level of coverage and any significant exclusions and limitations.
You should also be aware that if you cancel your replacement policy, we will not be able to reinstate it.
We have enclosed some FAQs for further information about your policy. These are also available on our website at www.premiasolutions.com. If you still have any questions, please call our customer services team on +44 (0)3333 010 750.
Premia Solutions Limited
FAQs for Alpha Insurance A/S Policy Holders
Why is Alpha Insurance A/S no longer underwriting my policy?
Alpha Insurance A/S was declared bankrupt on 8th May. Under Danish law, all policies will terminate on 11th August 2018. Further information can be found on FSCS’ website at www.fscs.org.uk/what-we-cover/products/insurance/alpha-insurance-as-declared-bankrupt/
Who are FSCS?
Financial Services Compensation Scheme (“FSCS”) deals with compensation claims when UK financial services go out of business. It is an impartial, free service that was set up by Parliament to protect customers. You can find out more about FSCS and the cover they provide can be found on their website at www.fscs.org.uk. You should be aware that, as your business turns over more than £1m per annum, the FSCS does not provide compensation for you.
Why am I receiving this letter?
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 your policy’s Administrator, we have put in place replacement cover for you with a new insurer, DTW1991.
Do I need to pay for the replacement cover?
No, Premia Solutions has covered the cost of your replacement policy.
Will there be any difference between the cover under my new policy and my previous policy?
No - your cover is a replacement policy with the same policy benefits and end date as your Alpha policy. The only differences will be the insurer and the complaints process.
Can I buy this insurance elsewhere?
Your product was designed, in conjunction with your dealer, to provide you with the best possible cover.
If you are thinking of cancelling and buying a product elsewhere, we recommend 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. You’ll need to 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.
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 the terms and conditions of your policy. 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. As Alpha has been declared bankrupt, your claim may fall to FSCS or the DGF to pay if you are eligible.