Please read the following it applies to all Enterprise Insurance PLC policyholders placed through Orbit Underwriting Limited.
On 25th July 2016 the Gibraltar Financial Service Commission (the Commission) applied to the Supreme Court of Gibraltar for the appointment of a Provisional Liquidator.
The main responsibilities of the Provisional Liquidator are to protect the assets of the company and to establish its financial position. The Provisional Liquidator, together with the support of the Commission, will focus all efforts in to dealing with claims and will work alongside the relevant compensation schemes with the view of achieving the best possible outcome for policy holders.
All EIC Insurance policies are protected by the FSCS (Financial Services Compensation Scheme) please see the FSCS website for further details: http://www.fscs.org.uk/news/2016/july/update-for-customers-of-enterprise-insurance-company-plc/
Below is a link to the FSCS website explaining the level of protection under the scheme:- http://www.fscs.org.uk/what-we-cover/compensation-limits/insurance-limits/
The FSCS can be contacted directly on either 0800 678 1100 or 0207 741 4100.
The GFSC, (Gibraltar Financial Services Commission) has also provided a helpline number which is +350 200 40284.
Policy holder queries can also be directed to http://www.fsc.gi/fsc/EnterpriseStatement.htm
Further updates and Q&A’s can be found on EIC’s website https://www.eigplc.com/index.php
We have contacted Orbit Underwriting and they are awaiting clarification from EIC and until the financial position of EIC is established they are unlikely to release any further details.
What happens if I have an ongoing claim?
In general the FSCS can only pay claims once they are unhappy that the firm cannot pay their own claims. This means the liquidator would need to do their due diligence before they can declare the firm in default and pay claims.
Quotax would like to take the opportunity to advise our clients that Enterprise Insurance are covered by the Financial Services Compensation scheme who are updating their website regularly.