Alpha Insurance
May 9, 2018

Alpha Insurance (Lima ) Collapse

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If your fleet insurance is placed with Lima/Alpha Insurance we have been advised yesterday evening (7th May 2018)  by the British Insurance Brokers Association that they have been declared bankrupt and all policies are cancelled with immediate effect from 5pm 7th May 2018.

Lima specialised in the Haulage, Courier, Self Drive Hire and Private Hire Industries. If you are an operator who was insured with Lima and need assistance please contact us and we will endeavour to get you insured urgently so that you can have vehicles back on the road. We have an exclusive insurer who is in our office this morning on hand to provide with you an immediate option. https://alphagroup.dk/ https://ascendbroking.co.uk/business/what-is-your-insurance-brokers-history-with-insurer-collapses/ What this means All cover ceased at 5pm 7th May 2018 – Yesterday – your vehicles are uninsured– alternative cover must be arranged Solution We are able to provide a solution as follows: Alternative cover this morning We require: Schedule of vehicles Any previous claims experiences A statement from you to how many claims you have had this year with Lima and the amounts of each Renewal premium paid Insurer schedule https://ascendbroking.co.uk/unrated-insurers/key-facts-unrated-insurers/ The insurance market will be inundated this morning – we would strongly recommend that you select one broker to solve this issue. We have an underwriter in our office who can provide cover this morning. Press Release 07/05/18 http://finans.borsen.dk/artikel/1/362543/finanstilsynet_kriseramt_forsikringsselskab_erklaeret_konkurs.html Translated Article from Danish Financial Times Updated 8 p.m. 15.07-The problem affected insurer Alpha Insurance is now declared bankrupt after it closed down in March. It shall notify the Financial Supervisory Authority. “Liquidators in the insurance company Alpha Insurance A/S under voluntary winding has on 8 May 2018 decided to request the company bankrupt. This means that customers ‘ insurance coverage will end from 8. May 2018, “writes the supervision. Customers who have signed a compulsory insurance policy must re-sign it with another company as soon as possible to obtain the statutory insurance cover, the Financial Supervisory Authority. “Bankruptcy means customers can no longer report damage to Alpha Insurance. Customers must either report damage to the guarantee Fund for non-life insurance companies, if the damage is covered by the guarantee Fund’s coverage, or to the bankruptcy estate of Alpha Insurance. Accidents at work covered by a Danish working accident insurance at Alpha Insurance are to be reported in EASY, “writes the Financial Supervisory authority in the communication. It is Boris Frederiksen from Kammeradvokaten who will be credited as curator. According to the supervision, the guarantee fund covers damages that have occurred in the period up to the bankruptcy and until 5. June. “If the customer has an injury to be covered by the Guarantee Fund, the claim must be notified to the guarantee Fund as soon as possible and not later than 8. November 2018. Damage reported to Alpha Insurance before 8 August 2015. May 2018, shall be deemed to have been notified to the guarantee Fund, “write the FSA. Alpha Insurance was started in 2005 by a number of experienced insurance directors for their own money. In less than ten years, it succeeded in getting about 2 billion. Annual premium income and become one of the country’s ten largest companies. The reason why the company had to throw the towel in the ring was, among other things. A possible milliontab on reinsurance contracts concluded with the New Zealand Financial Group CBL Insurance, which went into receivership. “Uncertainty has arisen as to whether they can honour the Genforsikrin”