Important Information for Alpha Insurance Policyholders

As you know your Alpha Insurance Policy was cancelled on 8th May due to Alpha Insurance A/S going into bankruptcy. We apologise for any inconvenience caused by this extraordinarily unprecedented situation.

After 37 years in the insurance business we have never been in an exceptional situation such as this and we really do care, so please be assured we are working hard to assist each and every individual customer as soon as we possibly can, whilst also working closely with the regulators.

The following questions and answers are intended to help you with your concerns as we continue to deal with high call volumes.

What do I do next?If you haven’t replaced your policy with us or another broker, you need to do so as soon as possible, to be able to continue to work. Call us on 01992 566936 and we’ll be here to help.
Can I work in the meantime?It is illegal to drive whilst uninsured and it is also a breach of your taxi licence terms.
Will you get me a new policy?Yes.

We can arrange like for like policies under an alternative insurance company, Gefion Insurance.

Is Gefion related to Alpha?No.

Gefion Insurance is totally unrelated to Alpha Insurance. In their company names, each carries ‘A/S’ at the end. This is the Danish equivalent of ‘Ltd’. It has caused some to think that means they are connected, but there is no connection.

ClaimsAny new claims should be reported to our Claims Line on 0345 184 9999 and these will be passed to the Alpha claims management firm, Broadspire.

For queries regarding the status of existing claims, please contact Broadspire on 0333 320 0250

Will my existing claim be paid?Ongoing unsettled claims will no longer be paid directly by Alpha but are likely to be settled by the Financial Services Compensation Scheme (FSCS) depending on the circumstances of the claim.

We are actively working with the FSCS in respect of being able to settle claims at the earliest opportunity. These discussions are on-going and as soon as we are advised we will update this page further.

Further information will be provided here and on the FSCS website at the link below as it becomes available.

https://www.fscs.org.uk/what-we-cover/products/insurance/alpha-insurance-as-declared-bankrupt/

Can I get my No Claims Bonus?Yes.

We will issue No Claims Bonus for any full years of claim free cover with Alpha. It may be a few days until we can provide this due to the high volume of requests, but please bear with us. Your new broker or insurer should hopefully be flexible with the time required to supply.

Will I get a refund of my premium?The premium paid to us for your Alpha policy was paid over to the insurer and cannot be refunded directly by us following the bankruptcy.

We are actively working with the Financial Services Compensation Scheme (FSCS) to establish a means for policyholders to obtain a refund of the unused portion of their premium. The FSCS has stated that commercial (including taxi) policyholders who have an annual turnover of less than £1m will be protected for up to 90% of their policy premium. We will be providing the FSCS with details of all refunds due and expect an update soon on when these refunds will be made to customers.

Further information will be provided here and on the FSCS website at the link below as it becomes available.

https://www.fscs.org.uk/what-we-cover/products/insurance/alpha-insurance-as-declared-bankrupt/

Will you cover my loss of earnings?Any claim for loss of earnings against the estate of Alpha Insurance A/S will need to be made in line with the recommendations of the Danish Financial Services Authority.
What will happen with my existing finance agreement?If your Alpha policy was financed through CUA Finance, the finance agreement will be suspended and no further direct debit payments will be taken from your account.

If it was arranged through Close Brothers Premium Finance you will need to contact them directly on 0333 321 8566.

Why can’t I get through on the phone?Please be assured we are working hard to assist each and every individual. We are experiencing extremely high call volumes but we will answer as soon as we can.
Has Cover My Cab or Protector been declared bankrupt?No.

Only your insurance company Alpha Insurance A/S has been declared bankrupt. Your broker J&M Insurance Services (UK) Ltd, trading as brands Cover My Cab and Protector is still active and continues to trade and provide support to customers.

How do I know if I was insured by Alpha?You will have already received notification from us by text message, email or by post.

If your insurance certificate number starts with “ALPHA” then your policy has been cancelled. Any other insurance certificate numbers starting with “GEFION” are still in force and your cover continues unaffected.

Am I still insured by Alpha?Following Alpha’s bankruptcy on the 8th May 2018 we were advised by the Financial Conduct Authority in the UK and the Danish Financial Services Authority to inform all policyholders that their insurance cover has been terminated and to seek alternative insurance coverage as soon as possible to ensure they are legally insured.

If you haven’t replaced your policy with us or another provider, you need to do so as soon as possible.

Links to the FCA and DFSA notifications are below :

https://www.fca.org.uk/news/statements/alpha-insurance-as-declared-bankrupt

https://www.finanstilsynet.dk/en/Nyheder-og-Presse/Pressemeddelelser/2018/Alpha-insurance-080518

Last updated 6th June 2018 16:09