Yesterday Gable Insurance announced it went into administration. ( Insurance Age news ) If you are worried that this could affect you contact us for advice. As a company we have never used Gable but are happy to those who find themselves affected by this bad news. Many contractors insurances were backed by this company so it would be wise to check your policy now.
Whilst the Financial Services Compensation Scheme will apparently cover 100% of claims for Employers liability under Public or Products liability only 95% of losses are covered. If you therefore have a large PL or Products claim this could leave you personally responsible for 5% of the loss. Could this leave a big hole in your finances?
But what are your options?
- Replace the cover today with another insurer (you may not get a refund on your old policy)
- Keep your cover with Gable until renewal and accept the risks yourself
1 Stop can help with arranging alternative cover should you want to investigate this option.
020 8773 2222