Tuesday 6 December 2016

Zurich subsidiary set to cover cost of replacing customer premiums following collapse of Enterprise Insurance

Published 24/07/2016 | 18:19

The 14,000 motorists insured with Enterprise have been advised to seek alterative cover immediately. (Stock image)
The 14,000 motorists insured with Enterprise have been advised to seek alterative cover immediately. (Stock image)

A subsidiary of insurance giant Zurich is set to cover the cost of replacing customer premiums following the collapse of insolvent Enterprise Insurance.

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Gibraltar-regulated Enterprise went bust on Friday after its regulator ordered it to cease business and to stop making any payments.

It operated here under the Wrightway brand, a company owned by Zurich.

The 14,000 motorists insured with Enterprise have been advised to seek alterative cover immediately.

Technically their policies are still in place, but there is unlikely to be any money to meet payments if they are involved in an accident and have to make a claim.

Wrightway confirmed it will make an ex gratia payment to its brokers to pass onto their policy holders, which is equal to the value of the premiums from now until the end of their current policy contracts.

This will ensure that policyholders receive a payment to put towards the cost of replacement cover.

With the benefit of this ex gratia payment, brokers can seek out an alternative insurer of their choice for affected policy holders.

In statement, Wrightway added that it will “continue to work closely with its broker clients over the coming days to support their efforts in dealing with this situation”.

Policyholders are advised to contact their broker for further information and advice.

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