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  • FIRST POST
    • grovep
    • By grovep 24th May 19, 7:47 PM
    • 6Posts
    • 2Thanks
    grovep
    LAMP is insolvent (underwriter for now4cover)
    • #1
    • 24th May 19, 7:47 PM
    LAMP is insolvent (underwriter for now4cover) 24th May 19 at 7:47 PM
    Received this email today any advice welcome (see now4cover's website for full text)

    It is with deep regret that I am writing to inform you that the insurer your policy is underwritten by (LAMP Insurance Company) has submitted an Application to the Supreme Court of Gibraltar to appoint an Official Receiver and place the Company into liquidation. That Application was submitted on Thursday 16 May 2019 and the Court will hear the Application on Friday 31 May 2019.

    LAMP have further stated their cashflow projections show that they have insufficient liquid assets to enable them to pay their debts as they fall due and there is no reasonable prospect of obtaining sufficient liquid assets in sufficient time to enable it to do so. Consequently, LAMP is insolvent.

    We, as in now4cover, only became aware of this late on Monday evening this week. Since then we have been working tirelessly with the insurer, the relevant regulatory bodies and potential replacement insurance providers to understand more details about how this affects our customers. I can now confirm, as an interim note, the following:

    • In the run-up to the 31st May LAMP are actively considering all options, including a potential sale of the business. Any such solution would, however, be subject to the acquirer completing its due diligence, regulatory approval, and making an unconditional financial commitment prior to the 31 May 2019 hearing date. In the event that such a solution is forthcoming, an update will be provided on LAMP’s website. We will update you further if more information is received.

    • In the meantime, LAMP have stated that they are currently unable to meet any further claim payments. The full position will only be determined after the 31st May and the appointment of a liquidator.

    • Now4cover are in discussions with a number of parties to replace LAMP.

    LAMP’s insurance policies that have not expired, remain in force. However, as LAMP is insolvent it is unable to make any claim payments. The Official Receiver will work to collect the assets of LAMP with the objective of making distributions to insurance creditors, including policyholders. It is likely that the amount recovered will not be sufficient to meet the amount due to policyholders in outstanding claims and premium refunds.
Page 3
    • jonfrewin
    • By jonfrewin 30th May 19, 8:12 PM
    • 5 Posts
    • 0 Thanks
    jonfrewin
    I think from reading earlier posts that where you are on a direct debit, that is an arrangement with a lender who has already paid the full premium to the insurance company, so your family member is probably still liable to repay the loan for the cover they’ve bought. It may be worth contacting that lender, but I’m not sure it’s sensible to just cancel the direct debit, as it could affect credit scores etc.
    • Harvin1975
    • By Harvin1975 31st May 19, 8:06 PM
    • 3 Posts
    • 0 Thanks
    Harvin1975
    Anyone got the latest given 31st May was meant to be a big day for Lamp and Now4Cover?
    • kubilay123
    • By kubilay123 31st May 19, 8:17 PM
    • 9 Posts
    • 1 Thanks
    kubilay123
    31st may
    This is on their website today:
    The outcome of the hearing today (31st May 2019), by Order of the Supreme Court of Gibraltar the Official Receiver has been appointed as Liquidator of LAMP Insurance Company Limited (LAMP).

    The Official Receiver has engaged the services of Grant Thornton Limited, PO Box 64, 6A Queensway, Gibraltar, as agent, to advise and assist on matters relating to the operation and conduct of the liquidation.

    Any enquiries in relation to LAMP or the liquidation should be directed to:
    lampinsurance@gi.gt.com

    Further to the notification about Lamp, here are our most frequently asked questions. We will of course be updating our website when we have more information.
    • anonmum
    • By anonmum 2nd Jun 19, 11:35 PM
    • 64 Posts
    • 89 Thanks
    anonmum
    Cancelling policies
    hi,

    It is now possible to cancel insurance policies with now4cover/lamp on their website in case anyone wants to.


    anonmum
    • Roger Peney
    • By Roger Peney 11th Jun 19, 8:37 AM
    • 2 Posts
    • 0 Thanks
    Roger Peney
    For those unfortunates (myself included) stuck in the midst of a claim, the claim handling has now been passed to yet another third party (mine started with Williams Pitt, then to Evolution Claims). According to the GFCS website "As from Thursday 6 June 2019, Quest Group in the UK has been appointed to manage all claims on policies issued by LAMP. Accordingly, all enquiries relating to claims should now be submitted by e-mail to the following address: lamp@quest-group.co.uk ". If you feel like it, the CEO there is Jeremy Fall, CEO – Quest Consulting, (London)
    T: +44 (0)20 7015 8653
    E: jfall@quest-group.co.uk



    I don't know about you, but communications on this whole sorry saga are abysmal. If you don't go looking, you will never know. This is way out of line with today's norms in customer care and communication expected from well managed businesses.
    • c'est moi
    • By c'est moi 11th Jun 19, 2:33 PM
    • 49 Posts
    • 18 Thanks
    c'est moi
    My credit card company will not pay out for the year's cover that I have never had on the grounds that I am able to cancel the policy. Who knows what or when I will get any of the money back. Not at all happy as I could not cancel the policy before it should have started on May 28th as the website would not allow me to log on.
    • Roger Peney
    • By Roger Peney 12th Jun 19, 7:34 AM
    • 2 Posts
    • 0 Thanks
    Roger Peney
    Claims update
    I received this from Quest Group. At last, some clarity and honest communication. Well done to Quest Group!


    "We acknowledge your frustration at the situation and apologise that you have not had received any contact from your broker directly.


    As you are aware LAMP Insurance Company has been put into Liquidation and as such there will be a delay in processing claims whilst various processes/procedures are established. It is hoped, nevertheless, that claims will start to be processed again next week. [email dated 11 Jun]



    Due to LAMP’s insolvency, the Liquidator is unable to pay any claims in the immediate future. As such, in LAMP’s current position, the Financial Services Compensation Scheme (“FSCS”) steps in to protect the interests of individuals and companies with a turnover of less than £1million. The scheme will usually pay out 90% on eligible claims for the 100% share accepted by the Official Receiver into the LAMP estate. This is subject to the FSCS’ own terms and conditions and compensation is not guaranteed upon acceptance into the LAMP estate. "
    • eco_warrior
    • By eco_warrior 16th Jun 19, 8:52 PM
    • 386 Posts
    • 179 Thanks
    eco_warrior
    My credit card company will not pay out for the year's cover that I have never had on the grounds that I am able to cancel the policy. Who knows what or when I will get any of the money back. Not at all happy as I could not cancel the policy before it should have started on May 28th as the website would not allow me to log on.
    Originally posted by c'est moi
    I’d go back to your card company and show them this

    https://www.fscs.org.uk/failed-firms/lamp/

    Your claim should be pro-rata
    • yepe
    • By yepe 21st Jun 19, 4:51 PM
    • 1 Posts
    • 0 Thanks
    yepe
    now4cover
    This company is not decent. The appointment of evolution claim management is a conflict of interest. Now4cover is hiding behind various companies to con your money. Evolution Claim tries to mis-direct you so you would not claim. They know the problem and told you don't bother. Now4cover never replies to my email. This is really appalling. FCA should investigate now4cover and evolution claim management. They failed all duties of care to the customers.
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