Any policyholder unhappy with the refund they receive has been told to contact their broker
The FSCS is in the process of paying out £6.9m in premium refunds to taxi drivers that held a policy with failed Danish insurer Alpha.
Refunds will be given to 9,000 commercial taxi policyholders that were insured by Alpha, and sold through the Alpha MGA broker Capital Underwriting Agency (CUAL).
The FSCS said that the refund payments had been based on information provided by Alpha’s brokers and verified by the Alpha liquidator.
If a policyholder receives a cheque they believe is for the incorrect sum, they have been instructed to contact the broker from whom they purchased the Alpha policy.
Chaotic scenes
Alpha declared bankruptcy May 2018, leaving policyholders scrambling for cover.
It left thousands of cabbies without cover and unable to work, leading to chaotic scenes outside broker Protector’s London office.
Broker Cover My Cab, which was offering like-for-like capacity from another unrated Danish insurer Gefion, reported that it had received 20,000 calls, such was the demand for cover.
It had initially been unclear whether it would be left soley to the Danish Guarantee Fund, but the FSCS confirmed that ”some policyholders will be protected by FSCS”. The FSCS confirmed that the DGF does not protect commercial taxi policies.
The FSCS has advised that any Alpha commercial taxi policyholder that has not received a cheque payment in the next 21 days should contact them.
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