Q&As about European Risk Insurance Company (ERIC)

ERIC was based in Iceland so does the FSCS cover policyholders with the firm?

Which ERIC policies may qualify for FSCS protection?

Are solicitors covered by FSCS?

Why does FSCS pay compensation at 90% of the value of the claim?

Who qualifies for FSCS protection?

Does the FSCS cover all ERIC policies?

What happens if I have a claim?

I had a claim being processed by ERIC. Will I have to start again and apply to FSCS?

Should I cancel my policy now or make other arrangements?

I run a business and have a policy with ERIC. Is my business covered?

I had a claim lodged with ERIC and need the money urgently. Can the FSCS do anything to help me?

Does FSCS have the money to pay claims?

Can I claim for a return of the premiums I paid to ERIC?

How long will it take to process my claim?

Who should I contact if I have a question about my policy?

I submitted a claim to ERIC and urgently need to settle it. Can you tell me what the status of my claim is?

Do I have to pay to claim compensation from FSCS?

Do I need to use a third party to claim for compensation?

Jargon Buster

  • EEA

    European Economic Area.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry. 

  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.
  • SHIPs

    Safe Home Income Plans