With the breaking news yesterday that Danish Insurer, Alpha Insurance A/S has failed, many Hertfordshire based taxi drivers without insurance cover have been seeking the assistance of East Herts independent Insurance brokers, Ashbourne Insurance for advice and new cover to keep them in business.
Ashbourne has been fielding calls from dozens of taxi drivers and firms who now find themselves uninsured.
The failed Danish company, Alpha Insurance A/S is an insurance firm authorised and regulated by the Danish Financial Supervisory Authority. It operates in the UK on a freedom of services basis which means that some customers, both private and commercial, based in the UK may have a policy with the firm. It is another example of the lack of protection provided by “off-shore” insurance companies. The Danish FSA has announced that Alpha Insurance A/S has been declared bankrupt. UK policyholders need to find alternative cover as soon as possible.
Peter Smits, Managing Director of Ashbourne Insurance, a family run firm working with numerous local taxi owners for the past 37 years recommends that those affected take the following steps:
- Existing Alpha Insurance A/S policyholders should immediately contact their insurance broker or firm who sold them their policy in the first instance in order to seek new insurance cover.
- It is possible that the Danish Guarantee Fund may cover some existing policies, primarily for policyholders with private insurance, until 5 June 2018.
- Always make contact with a UK broker, preferably one that is independent who understands the taxi market and who can search many different insurers for the best cover and most competitive premium.
- A UK based insurer, authorised and regulated by the Financial Conduct Authority will provide an extra layer of protection, under the “policyholders protection board”, meaning that if the worst were to happen the insured should remain on-cover at least until renewal. This protection comes from a levy that all UK domiciled insurance pay as part of the insurance premium.
Peter further commented, “Our team of insurance experts have been taking calls from very distressed and worried taxi drivers who can’t comprehend the position they have been put into. We are working in collaboration with some of the UK’s very best taxi specialist insurers and are aiming to get cover in place for those who contact us within the next 7 days. We feel very sorry for taxi drivers who are now in a distressed state but assure them of help and impartial advice with a no obligation quotation when they call us on 01992 471001.”
Many Alpha Insurance A/S customers were enticed into a “cheap” policy without realising the potential risks in the event that the insurer “failed”. This is particularly true if buying cover on-line where the public and business owners become the “broker” and therefore have no right of recourse in the event of a failure.
Ashbourne Insurance has been providing taxi insurance solutions to the local community for over 37 years and has a range of insurance companies, all UK based, with whom they trade.
David Jones, Managing Director of A2B Taxis the largest taxi company in the Cheshunt area said, ”We feel frustrated for the thousands of taxis and minicab drivers who are in this predicament. It is reassuring that we are insured with Ashbourne Insurance, and have been for more than 15 years who offer us great cover, competitive prices and most importantly peace of mind.”
Award-winning, family run Ashbourne Insurance offers a wide range of business and personal insurance along with a claims advisory service. It is authorised and regulated by the Financial Conduct Authority (FCA).
For more information visit www.ashbourneinsurance.co.uk Follow on twitter @AshInsServices