I have today spoken to the FCSC regarding the saga of Gable Insurance AG going into default. They have advised that Gable Insurance policies will EXPIRE on 16th December 2016 and that my company must purchase a new all risks insurance policy with a new insurer. If we fail to do so, we will not be insured.
The FCSC have advised that there will be a refund of some of the policy (which cost us around £12,000 per annum due to the high risk of our industry), but they cannot say how much we will receive OR when we can expect to receive the money.
This leaves us facing a bill of £12,000 to allow us to continue to trade, having paid this only a few months ago before Gable went bust. This is a terrible strain for a small business to have to deal with.
Meanwhile, we also have a £12,000 claim outstanding with Gable relating to a break-in during the spring.