Red Sands to provide replacement home insurance cover for LAMP policyholders
Replacement home insurance cover has been secured with Red Sands for home insurance policyholders whose policies were previously underwritten by LAMP Insurance Company. LAMP, a Gibraltar based insurer was placed into liquidation on 31 May 2019.
Now4cover, the broker that originally placed the policies with LAMP, has secured a transfer of cover to Gibraltar-based Red Sands for most of the home insurance policies that were previously underwritten by LAMP. Red Sands took on 8,365 policies from 20 July 2019. FSCS has worked with now4cover and the liquidator to facilitate transfer of cover.
Should they wish to do so, policyholders whose policies have transferred to Red Sands can opt out of the replacement cover during a cooling off period by contacting now4cover.
Since the collapse of LAMP, FSCS has made compensation payments to policyholders of LAMP Insurance who had outstanding property damage claims when the insurer collapsed. FSCS will continue to pay compensation for home insurance claims that were submitted before the transfer to Red Sands. Now4cover has informed policyholders that home insurance claims made from 20 July should be submitted to Red Sands.
FSCS protects UK individuals and business customers that have an annual turnover of less than £1m.
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.
Catherine Goodier - T: 020 7375 8631