Gable Insurance Liquidation
Gable Insurance AG - Update: 22nd November 2016
The current position
On 17th November 2016 Gable Insurance AG (GIAG) was placed into liquidation and Batliner Wanger Batliner Attorneys at Law Limited, Liechtenstein have been appointed as the liquidator.
The Financial Services Compensation Scheme (FSCS) have declared Gable in default and are arranging to pay claims and return unused premiums. Please see the below statement from the FCA's website:
Are Gable policies still valid?
Gable policies remain in force, however under Liechtenstein law, all Gable policies will automatically expire on 16th December 2016 and no cover will be in force beyond this date.
As the FSCS have declared Gable in default, the FSCS limits of compensation will apply in respect of claims and the return of unused premiums.
What do I need to do?
Customers who are not eligible for protection from the FSCS should have their cover replaced with a new insurer immediately.
All other customers with Gable policies need to find a replacement insurer by the 16th December at the latest.
Contact un on 01227 451133 if you need help as we can place your business Insurance for you.
Who is eligible for FSCS protection?
The FSCS protects private individuals, sole traders and small businesses with an annual turnover of less than £1million. The FSCS does not offer protection for customers who exceed this turnover threshold.
What are the limits of compensation?
The FSCS operates to protect customers where their Insurer is in default and there is no upper limit on the amount of protection for insurance business.
Claims under compulsory insurance (such as Employers’ Liability), professional insurance and certain claims for injury, sickness or infirmity of the policyholder are protected at 100%.
The FSCS provides protection for 90% of all other claims with no upper limit.