LAMP is insolvent (underwriter for now4cover)

1275

I think you have 14 days to cancel anyway. I would ring the credit card company. Wish i had paid mine on credit card now instead of instalments I had a large claim and this was the cheapest insurance at just under 500 its going to cost me another 5 to 600 today to sort this mess out I think

prefdavid

Another one here, in our case the policy has just over 4 months to run and we paid upfront on credit card, so called credit card company to make a Section 75 claim and now starting to look for new home insurance.


Should the company be sold within the next 14 days or the Court Hearing on May 31st somehow ensures our policies are still valid and claims will be met then I think we'd be within the cooling off period to cancel the new policy.


However it seems to me that getting new cover in place is a necessary evil.

jonfrewin

Looks like FSCS does provide cover but it takes up to three months to process claims. Annoyingly I can’t post a link because my account is deemed too new. There’s also some info from them regarding LAMP.



If the firm failed after 3 Jul 2015
If your UK-authorised insurer fails we may be able to compensate you:

100% for compulsory insurance claims (e.g. third-party motor and employers' liability).
90% for non-compulsory insurance claims (e.g. pet) with no upper limit.
Note that no protection is available for goods in transit, marine, aviation and credit insurance. Contracts of reinsurance are also not protected.

The claim process can vary depending on the failed insurance firm and claim type. For further details on how to claim, you’ll need to contact your broker or refer to the failed insurance firm’s website.



LAMP Insurance applies for receivership
20th May 2019

LAMP Insurance applies for receivershipLAMP Insurance Company Limited (LAMP) has submitted an application to the Supreme Court of Gibraltar to appoint the Official Receiver and place LAMP into liquidation. The hearing date is set for 31 May 2019.

FSCS is aware of the situation and will be working with the appointed Liquidator to protect eligible UK policyholders.

c'est_moi

Hi phoned credit card company and all I can do is fill in the paper work - could not say if my money would be refunded or not. I am so upset . If I had waited until sooner to renew then I would have been fine. Does not pay to be organised sometimes

oz0707

I got this link through FSCS website
https://www.fsc.gi

Annoyingly I needed to update my details this weekend and guessing I can't do that now. Leaves me to question am I even insured? What a minefield!

Had property as a second home but is now sole main residence. Also burglar alarm now fitted. Can't see it materially affecting risk to insurer though.

oz0707

• UK Policy Holders Only

If eligible under the rules of the scheme, the FSCS may protect UK policyholders in respect of claims made under policies written by LAMP but unpaid along with claims for return of premium. The Liquidator, when appointed, will be cooperating with the FSCS to facilitate the processing of claims for affected UK policyholders.



Anyone translate this into laymans terms for me?

c'est_moi

well have gone ahead and forked out another£200 for house insurance. I just can't stand the stress of potentially not having any insurance. I really hope I get my money refunded on a policy I paid for on the day the company applied to go into liquidation!!! Reading through the fscs site makes things as clear as mud. I am not sure if it says that some claims on insurance (or part of them) might be pain, but any premiums will not? I could well be misreading this. If not then my only hope is the claim through my credit card I guess.

M3_Sussex

I paid for my cover with Paypal and it is a recurring payment, so if you also paid via Paypal, make sure you cancel this forward payment.
I'm reasonably lucky as mine is due for renewal in Jul.y

prefdavid

c'est_moi wrote: »

well have gone ahead and forked out another£200 for house insurance.

Have just purchased a new policy too and wish it was only £200. After a lot of looking at various comparison sites I looked at a previous insurer via TopCashback and their quote was both comprehensive and when taking into account the cashback, worked out better than every other option. So back insured with Intelligent Insurance now and wait for the Section 75 claim to get sorted with my credit card company. Good luck to everyone else getting this resolved.

1275

Just read through my paper work properly and if paying monthly you can't just cancel the direct debit as its classed as a loan under orchard finance limited. They are going to want paying either way and looks like I will have to continue paying and claim via now4cover for the remaining refund and I will be paying two lots of insurance until sorted. Either way nothing can be done until after the 31st I am stuck now as my insurance is expensive due to as large claim a couple of years ago so going cheap isn't always the best option here I appear to have learnt and it appears they are not a good broker either as they should be suggesting alternative cover really not leaving it to us to sort.