Alpha fell into trouble after its reinsurance partner CBL Insurance Limited suffered its own solvency problems. The Danish compensation fund for failed insurers will help pay Alpha claims, however, the Guarantee Fund will only cover claims for Alpha which were filed just before the bankruptcy, and until four weeks after (5 June 2018). Existing Structural Warranty policyholders with Alpha may have some protection under the FSCS – but only in specific cases and then only for 90% of the claim.
And it is not just Structural Warranty policyholders. As reported by the BBC, the news of Alpha Insurance A/S going into bankruptcy has caused chaos amongst their policyholders. Thousands of London taxi and minicab drivers received a text message telling them their insurance had been cancelled and are now scrambling to get covered and they are not the only ones.
Build-Zone have always said and maintained that everyone who buys Structural Warranties should only do so from A-Rated Insurers as it is a long-term insurance policy.
We can offer a choice of A-rated Insurers and high capacity/limits are available.
As you now see the risk of using unrated insurers is not just hypothetical — it is very real.
If you are an Alpha Insurance A/S customer with a Construction Latent Defects (Structural Warranty) Policy and you:
Require an insurance policy with an A-rated insurer.
Have a project in the pipeline as quoted by a Broker using Alpha Insurance A/S and need assistance on your project.
Or, you want to change your Insurance Broker and use an A-rated insurer.
Get in contact with the Build-Zone team today!
Whether you are Developer, Contractor, Custom Builder or Self-Builder feel free to give us a call to discuss it with our trained team of Insurance Professionals.
Build-Zone was created as a 10 Year Structural Warranty provider in 2003 and is a trading style of Sennocke International Insurance Services Limited, which was established in 1990. We are experienced in underwriting warranties for all types of developments, from single unit Self-builds and Custom Builds to large Residential or Commercial developments. Whatever your project, we can help provide the 10 or 12 Year Structural Warranty you need.
Once we have the required information we will get back to you in 24 hours if your project is urgent and we can arrange Building Control attendance within days.
Call us on: 0345 230 9873 or visit www.build-zone.com for more information.