With many businesses holding their insurance policies through Gable, it’s important that organisations have a full understanding of the situation and what they need to do next.
Gable Insurance AG went into liquidation from the 17th November 2016. This was due to the Liechtenstein Financial Market Authority having concerns about the stability of Gable’s financial position. In addition, the company was placed into Special Administration on 10th October to protect those who hold policies with them.
What does this mean for policyholders?
At this time claims should be reported in the standard way as insurance policies are still valid. However, insurance contracts will automatically expire and no longer be valid from 16th December 2016 due to governing rules under Liechtenstein Insurance Contract Law. Therefore, those with Gable insurance policies should ensure they have alternative insurance cover arranged before then.
The Financial Services Compensation Scheme (FSCS), who have declared Gable in default, are arranging to pay the claims of eligible customers and to return unused insurance premiums from 22nd November 2016. You can find more information about this here.
What to do next
Given the severity of the situation we strongly advise that if you do have an insurance policy with Gable, that you take immediate action to find alternative cover.
If you would like advice from an independent insurance adviser on the steps to take, you can contact our team on 01653 697055, by emailing firstname.lastname@example.org or filling out a contact form.