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Date:
Friday 22nd June 2001
Important News
for Policyholders:
- You may be aware
of the recent problems being experienced by Independent Insurance.
- As Independent
Insurance is the underwriter of the Engine Breakdown Cover scheme, we
thought it appropriate to notify you of the current situation.
- PricewaterhouseCoopers
(PWC) has now been appointed as Provisional Liquidator.
The Current Situation
is:
- Existing Policies:
No instructions have been received either from Independent or from PWC
to cancel existing policies. Therefore, existing Independent policies
remain in effect unless or until cancelled.
- Claims:
EBC policyholders should continue to submit claims by contacting EBC
in the normal way. If Independent is unable to meet its claims obligations,
and the company moves into full liquidation, the Policyholders Protection
Act (PPA) should come into effect and the situation, as we understand
it, should ensure that 90% of any claim settlement agreed will be paid.
- Alternative
Cover: EBC is endeavouring to secure an alternative insurance company
to underwrite the EBC Scheme. We will keep all policyholders informed
of progress.
- Renewals:
If your EBC policy is due for renewal, we regret that we will be unable
to renew your policy until an alternative insurance company is secured.
We will keep all policyholders informed on progress.
- Premiums:
The situation regarding return of premiums from Independent Insurance
is unclear at the moment. As soon as EBC has received official notification
from PWC, every EBC policyholder will be notified.
The EBC team is working
hard to minimise the effect of this entirely unexpected event. We thank
you for your understanding during this difficult time and look forward
to continuing business with you in the future
If
you would like further information from
Engine Breakdown Cover, you can contact us via:
Phone:
08707 87 00 55
Fax:
08707 87 00 66
Email:
info@enginebreakdowncover.co.uk
If
you arranged your EBC cover through your insurance broker,
then please contact them for further information.
This
news site will be updated as and when more information becomes available.
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