FSCS dragging their heals over Gable Insurance

Gable Insurance

It’s now been well over two months since Gable Insurance AG went bust, but the FSCS are dragging their heals over dealing with the problem.

I called the Financial Services Compensation Scheme FSCS today and explained that we are a small business which has been left with the debt of paying for an insurance policy which was could not use, and also an unpaid claim which is detrimental to our cash flow. I asked what the update was, bearing in mind that the information on the FSCS website was now almost 2 months out of date.

I was told that they have “no update at the moment” and can’t help further. The advice is to send an email to gable@bwb.li “with your query” and you “should” get a response. That email address is for Batliner Wanger Batliner Attorneys at Law Limited, Liechtenstein, who are the Liquidators.

It seems that the FSCS are being less than helpful, bearing in mind the thousands of small businesses and individuals left severely out of pocket due to no fault of their own. To simply say “contact the liquidators” is offering virtually no support to those affected by this issue. It’s a disappointing response considering that compulsory insurance is supposed to be protected in full by the scheme with a 90% upper claim limit.

Surely the FSCS should be doing more to advice people on the process and what’s involved, considering that many people won’t understand the complex process of liquidation.

Email response from the liquidator

I did receive a response from Batliner Wanger Batliner Attorneys at Law Limited. It read:

Policyholder or other creditor
Please register for our newsletter (http://gableinsurance.li/register-for-newsletter/). This will enable us to keep you updated about the next steps in the bankruptcy proceedings.
Brokers
Please see our memorandums (http://gableinsurance.li/category/news/) as well as the FAQ under (http://gableinsurance.li/faq/). All important information is set out here.

I was then sent another email which read:

Dear Sir

Thank you for your email request concerning claimshandling.

Please be informed that we have appointed Enstar (EU) Limited („Enstar“) as Gable AG’s overall run-off manager. You will get assistance in all matters in connection with claimshandling by addressing your issue to Gable.Claims@enstargroup.com

Many thanks in advance for your most appreciated cooperation.

Kind  regards

Rechtsanwälte AG   ·   Attorneys at law LTD.

Am Schrägen Weg 2
FL-9490 Vaduz
T  +423 239.78.78
F  +423 239.78.79

office@bwb.li
www.bwb.li

Why couldn’t the FSCS tell me to email Enstar in the first place?

It seems ludicrous that I had to email the liquidation to get an email address to the EU claims handlers when the FSCS could have given it to me. I’ve sent Enstar an email and await a response.

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How to get your money back from Gable Insurance

How to get your money back from Gable Insurance

If you’re looking for information on How to get your money back from Gable Insurance, you’re in the right place.

Back in June 2016, my company suffered a break-in at a site and approximately £12,000 of specialist equipment was stolen. We had to replace it immediately to complete the contract and at the same time made a claim against our insurance policy which was underwritten by Gable Insurance.

Within a couple of months and after much negotiation, the claim was agreed by Davies Group  and a promise of a payout was given. Sadly, Gable would shortly go into liquidation due to what was described as Gable being “over-indebted to a significant level”. Basically, Gable wasn’t meeting it’s obligations under EU law to ensure that it had enough cash in the bank to remain solvent should it suffer a large number of claims, so all Gable Insurance policies were cancelled from 16th December 2016.

Our claim with Gable Insurance AG was put on hold

The first we new of this was a call from our insurance Brokers to advised that the claim was on hold due to a legal dispute between representatives of Gable Holdings and the Administrators, Price Waterhouse Coopers.

Financial Services Compensation Scheme

I decided to call the Financial Services Compensation Scheme FSCS (0800 678 1100). The FSCS is designed to help people who are owed money for a claim in the event that an insurance company goes bust. A recorded message confirmed what I already know and that the FSCS were in talks with the administrators on “how best to deal with the claims”. The message already said that what to do would shortly be announced on the FSCS website.

How to get your money back from Gable Insurance (claims)

The FSCS has been dragging its heals on the issues with Gable. When I last contacted them on 14th Feb 2017 they told me to email the liquidators in Lichtenstein. Forget this and follow the information below:

Contact Enstar Group

Enstar Group have been appointed to deal with any unpaid Gable claims in Europe. This is what you need to do:

  1. Gather as much information about your Gable Insurance policy as possible (i.e. policy number, a copy of your certificate of insurance is better)
  2. Gather the details of your claim (i.e. date and time and any details you previously sent to Gable
  3. Email the details to Enstar: Gable.Claims@enstargroup.com – along with an explaination as to why you are contacting them
  4. You should receive a response from Enstar swiftly and they will advised where your claim is being dealt

How to get your money back from Gable Insurance (Policy)

At the moment, you can’t. If you’re still paying a direct debit I recommend you stop it, because all Gable Insurance policies expired on 16th December 2016. Details of how to claim back your policy premium will be posted here once known.

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