Policyholders Win Statutory Cover After Insurer Fails
Law360, London (July 29, 2019, 1:44 PM BST) -- The Financial Services Compensation Scheme said on Monday it has secured replacement home cover for former customers of Lamp Insurance Company, a personal injury and negligence insurer that has been ordered into insolvency by the Gibraltar courts.
Red Sands, which specializes in insurance and life assurance, has taken on 8,365 home insurance policies that were previously underwritten by Lamp — which was based in the British overseas territory — the government compensation scheme said.
The FSCS, a statutory agency, has been handling claims made by Lamp Insurance’s U.K. customers since Gibraltar’s Supreme Court approved the failed firm’s insolvency on May 31. The...
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