Lifeboat Fund To Pay Motor Policies After Insurer Collapses

By Najiyya Budaly (November 22, 2021, 2:51 PM GMT) -- A compensation scheme that protects consumers when authorized firms fail said on Monday that it is stepping in to protect motor insurance policyholders after a Gibraltar-based company collapsed into insolvency.

The Financial Services Compensation Scheme said it would pay out on claims to individual and small business customers that are eligible after it declared that MCE Insurance Co. Ltd. had failed on Friday.

The insurer provided cover for private vehicles and courier and fast-food delivery services in the U.K. through a broker, MCE Insurance Ltd., based in Northamptonshire, in central England.

The lifeboat fund, as it is known — which can pay...

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