Qudos Insurance A/S

This page is for UK customers of Qudos Insurance A/S (Qudos), a firm that failed and FSCS declared in default on 20 December 2018.

FSCS is working closely with liquidator Boris Frederiksen of Kammeradvokaten Poul Schmith, the Danish Guarantee Fund (DGF) and the Danish Financial Supervisory Authority (Danish FSA) to understand the impact of Qudos’ bankruptcy.

We will continue to update this page with the latest developments. You can also get notification of the latest updates by following us on Twitter and Facebook.


11 March 2019

FSCS is continuing to work with the Qudos Liquidator, the Danish Guarantee Fund (DGF), and the following brokers to try and ensure a seamless transfer of cover to new providers on 28th March.

  • Adrian Flux (motor insurance);
  • Tobell Insurance Services (GAP warranty);
  • Trent Services (Pet insurance & NHS salary sacrifice insurance cover).

Building and Land Guarantees Ltd has written to its customers offering them a range of options together with an explanation as to how they’ll be compensated by FSCS.


12 February 2019

Following our 11 January update, FSCS is now protecting eligible policyholders for claims relating to accidents or incidents occurring between 8 February 2019 and up to 28 March 2019 when all existing policies will cancel.

FSCS will pay compensation at 90% for own damage or warranty claims and at 100% for compulsory third-party claims.

The broker Adrian Flux has confirmed with us that it will meet the 10% shortfall on FSCS protection for any motor or motor add-on claims that their customers make during this time. This is for policies sold under their following brands:

  • Bikesure.
  • Flux Direct.
  • HIC Insurance.

Until 28 March, all Qudos insurance customers with current or potential claims should continue to follow the instructions on their policy and contact their usual claims handlers in the first instance.

11 January 2019

The Qudos Liquidator has advised FSCS that he recently sent letters to all UK customers of Qudos Insurance. These letters inform customers of the effects that the Qudos liquidation will have on their insurance policy and the dates when these effects take place.

The dates are as follows:

20 December 2018 – start of bankruptcy proceedings against Qudos in the Danish Court.

28 December 2018 – bankruptcy order published in the Danish Official Gazette.

7 February 2019 – the DGF will not protect or pay compensation for any claim occurring after this date. If you have a claim after this date and you are eligible for FSCS protection, we may be able to help you, provided your policy is in force.

28 March 2019 – all existing policies will cancel, three months after publication in the Danish Official Gazette.

20 June 2019 – all claims the DGF protects must be reported by this date.

In addition to the above dates, you must submit claims in accordance with usual limitation periods and time limits stipulated in your insurance policy.

There are no time limits for FSCS compensation claims, other than limitation periods and time limits stipulated in your insurance policy.

Return of premium claims

The above dates do not apply to return of premium claims.

The liquidator recommends that return of premium claims are made by the end of 2019. The mechanism for making a return of premium claim to the liquidator will not be available until after February 2019. The liquidator expects there to be long delays in dealing with these claims.

Transfer of cover to a new insurer

FSCS is working with the following brokers, the Qudos liquidator and the DGF to replace policies with new insurers:

  • Adrian Flux.
  • Tobell Insurance Services.
  • Trent-Services.
  • Building and Land Guarantees Ltd.

Discussions are at an early stage. Policyholders affected by a transfer of cover to a new insurer will be contacted by their broker as soon as possible.

For further information on claims the DGF covers, please refer to www.skadesgarantifonden.dk

Please contact your broker for further information.

About Qudos

Danish-based Qudos was declared bankrupt on 20 December 2018. The firm provided a range of insurance policies to the UK retail and commercial market: motor insurance, GAP insurance, pet insurance, warranty insurance, accident, sickness and unemployment insurance.

How is the DGF helping UK customers of Qudos?

We are seeking clarification from DGF about what level of protection they can offer UK policy holders. We will provide an update as soon as we can.

How is FSCS helping UK customers of Qudos?

The DGF will cover most UK individuals and business customers. If you’re a UK customer that isn't covered by DGF then you might still benefit from FSCS protection if you’re a business with an annual turnover of less than £1m.

How are UK customers of Qudos protected for premium refunds on their policies?

All Qudos policies will terminate three months after the date of bankruptcy. You can cancel your policy early by contacting Qudos, who will advise you on how this might affect the value of return of premium on your policy.

Non-commercial motor policyholders

If you’re a non-commercial motor policyholder, DGF will cover your premium refund claim and you will get a refund for the unexpired period of your insurance cover, subject to a 1,000 DKK deductible. You may be entitled to a top-up payment from FSCS if, after the 1,000 DKK deductible, you have not received 90% of the unexpired premium amount you are owed. FSCS will work with the DGF to ensure your premium refund is calculated correctly.

Commercial motor policyholders (i.e. taxi drivers)

If you’re an eligible commercial policyholder in the UK, you will get a refund for the unexpired period of your insurance cover. FSCS will cover 90% of your premium refund claim.

Replacement insurance

If your broker can replace your policy with a new insurance provider, FSCS will pay the broker the return of premium compensation where we have reached an agreement with them. Your broker will then pass this return of premium on to your new insurance provider. Your broker/new insurer will tell you if they’ve replaced your policy and you will be able to cancel any replacement cover during the 'cooling off period'. FCSC and DGF will each fund their own share of return of premium to the new insurance provider. FSCS may not be able to pay compensation if a broker funds replacement cover or pays return of premium on its own without securing an undertaking from you that they are required to repay the broker.

Premium finance

FSCS will pay finance companies where you have bought the cover using a loan that required you to assign your rights to the finance company. For example: if you bought your cover using credit from either Close Brothers or Premium Credit, we will pay the compensation directly to them and it will go towards paying back the loan.

We will provide more information on how to make a claim for return of premium as soon as we can.

How can I claim back the cost of my premium from their credit card provider?

If you paid for your insurance using a credit card, in certain circumstances the credit card company will reimburse you for the product you have bought. You should contact your credit card company to find out how they can help you. Tell FSCS if you successfully claim from your credit card company as this money will be deducted from any claim you make to FSCS. You may be breaking the law if you attempt to claim the same loss back from both FSCS and your credit card company. Where FSCS pays you a return of premium claim we would inform your credit card company if they ask us.

What if I need to make a claim, or check the status of an existing claim, on my Qudos policy?

You should contact your broker or existing claims handlers who have already written to you about your claim. We will publish more information once the liquidator has confirmed the claims handling arrangements.

Who can I speak to if I have any questions?

You should contact your broker or existing claims handler. Visit the Qudos website for more information. We will also continue to update this page with the latest developments. Get notification of the latest updates by following us on Twitter and Facebook.