Insurance underwriter goes into liquidation
Check the small print on your insurance policy, you could be one of as many as 2000 UK riders hit by the financial troubles at Independent Insurance Company Limited.
The underwriter is now in the hands of liquidator Pricewaterhouse Cooper.
Carole Nash is one of the firm to have used Independent Insurance Company Limited to underwrite motorcycle policies. Check your certificate and it will say who underwrites yours. The wording is likely to be something similar to: " For and behalf of " … and then the name of your underwriter.
If you discover your underwriter is Independent Insurance Company Limited, don’t panic. You are still covered. However, you can’t cancel the policy (well you can, but you’ll get no money back). And any fully comp claim will only pay out 90 per cent of the cost of repairs or replacement.
" All individuals holding a policy will be 100 per cent covered, " confirmed Lorna Siddall from PricewaterhouseCoopers.
Carole Nash, reckon that policyholders have nothing to worry about.
" To all intents and purposes it is business as usual, policy holders will hardly notice any change, " said marketing manager Warren Dickson.
A helpline has been set up on 0161-741-1010.
Are you one of those affected. Are you annoyed by how easy it is for liquidators to dictate terms? Have your say in Talk Bikes (Talk News). See link, right.