Yes, if your client is eligible, and there is a liability due from Enterprise for the return of premium. However, we may have to deduct from the policyholder’s claim any money paid to them by any person or firm in respect of the premiums they have paid.
If you purchase the replacement cover yourselves this will not affect your client’s entitlement to claim for a return of premium. However, if you provide funds to your client to enable them to pay for replacement cover we may have to deduct that payment from any valid return of premium claim, unless your client has to repay those funds to you under a formal loan arrangement agreed before you paid funds to them.
You should ensure you are authorised to make these arrangements on behalf of your client.
If you want to cancel a large number of policies you should contact the Provisional Liquidator to discuss how your clients can comply with any policy condition for cancellation.
If you or your clients wish to make a claim to FSCS for return of premium, please contact FSCS to discuss the arrangements that you propose to make as we may be able to pay a return of premium claim to you directly or to your clients.
If you are entitled to claim on behalf of your clients, we may be able to pay the value of the return of premium claims to you but you should be aware of the following considerations:
This view is only general and indicative at this stage, and if you have not yet completed the issue of replacement cover we recommend that you speak to the Provisional Liquidator and FSCS so that we can understand how we can help with your proposal.
Eligible policyholders who have an eligible claim can still make a claim for FSCS protection for accidents that occurred prior to taking out replacement cover, so that the liability is covered by Enterprise under the terms of the policy.
This will depend on the terms and conditions of the policy If the policy allows for a return of premium this will be calculated by Enterprise (based on the policy terms and conditions) and you should check the wording to see how much you are entitled to receive. FSCS protects up to 90% of the return of premium amount that you are owed by Enterprise.
No. What you pay on a monthly basis under this arrangement is to repay the loan from the premium finance company. You should check the terms of your finance arrangement for your on-going obligations.
Yes, if they are eligible policyholders and the policy allows for return of premium. The policy must be properly cancelled in accordance with its terms and conditions. Your clients should check the terms of the finance agreement for ongoing obligations.
No. FSCS is obliged to deduct from any claim for protection the policyholder might have any sums paid in respect of that claim by any other person. You will need to consider whether you can apply client monies in this way.
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