The vast majority of the UK policyholders of Balva are expected to be covered by FSCS. FSCS will protect many of the policies Balva sold in the UK to individuals, small businesses and any UK policyholder who purchased compulsory employers’ liability cover.
FSCS protects policies taken out in the UK in respect of EEA risks and policies taken out in the EEA (including Latvia) in respect of UK risks.
Balva sold a limited variety of policies which may qualify for FSCS protection. They include:
FSCS protects individuals and small businesses. If the firm is a small business with an annual turnover of less than £1m at the time that you purchased one of these policies we should be able to help you. Where we can help the protection will be at 90% of the agreed value of the claim (protection is unlimited but if the policy contains a financial limit we have to apply that limit).
The limit is laid down in the rules set for FSCS by the Prudential Regulation Authority (“PRA”). There is no upper limit to our level of protection for insurance claims, although there may be financial limits and other terms expressed within the policy of insurance that will still apply.
FSCS protects individuals and small businesses against UK risks. The FSCS covers business conducted by firms authorised by the PRA and the FCA. European firms (authorised by their home state regulator) that operate and are regulated in the UK may also be covered.
FSCS does not cover all policies or policyholders. For example:
There is no need to contact FSCS at this stage. In the first instance you will need to contact either your insurance broker or the following who have been appointed by Balva to deal with claims:
In the first instance you will need to contact either your insurance broker or the Loss Adjuster or the Solicitor firm that was handling your claim. FSCS is not actively involved in handling claims under Balva’s policies as this continues to be done by the firm’s claims handling agents in the UK.
FSCS protects individuals and small businesses. If your business had an annual turnover of less than £1m at the time that you purchased one of these policies we should be able to help you. Where we can help the protection will be at 90% of the value of the claim under the policy (protection is unlimited but if the policy contains a financial limit we have to apply that limit).
How do I find out if I am eligible for FSCS protection?
In the first instance you will need to contact either your insurance broker or the Loss Adjuster or solicitor firm who were handling your claim. If it is urgent please let them know and ask that the matter be prioritised for FSCS.
Yes. Since 2001, FSCS has paid out more than £26bn to more than 4.5m people. The financial services industry funds us through a compulsory levy. We can levy the industry for the costs of claims.
Each claim is assessed on its own merits. Although Balva has now been declared in default, we cannot say how long it will take to process your claim. However, FSCS will work with Balva’s UK claims handling agents to ensure any outstanding claims are processed as quickly as possible.
In the first instance you will need to contact your Insurance Broker.
Any queries relating to claims should be directed in the first instance to your Insurance Broker or the Loss Adjuster or solicitor firm who are handling your claim.
We do not charge consumers for using our service.
Consumers should be aware claiming compensation from FSCS is free and each application is judged on its individual merits. Some people may prefer to pay a third party to submit their claim for them.