Balva AAS Insurance


1. Balva was based in Latvia so does the FSCS cover policyholders with the firm?

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.

 

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2. Which Balva policies may qualify for FSCS protection?

Balva sold a limited variety of policies which may qualify for FSCS protection. They include:

  • General liability insurance 
  • Professional indemnity insurance

 

 

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3. Are solicitors covered by FSCS?

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).

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

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.

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5. Who qualifies for FSCS protection?

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.

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6. Does the FSCS cover all Balva policies?

FSCS does not cover all policies or policyholders. For example:

  • We do not protect marine, credit or goods in transit insurance policies.
  • We do not protect large businesses unless they bought compulsory insurance, such as UK employers’ liability cover.
  • We do not protect reinsurance.
  • FSCS protection is unlimited but if the policy contains a financial limit we have to apply that limit or other terms.
 

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7. What happens if I have a new claim?

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:

 
Professional Indemnity 
Caytons Law
85 Gracechurch Street
London
EC3V 0AA
 
T: 0207 398 7600
E-mail: Claims@caytonslaw.com
 
Other Claims
These should be reported to:
Quest
4 Albion Place
Maidstone
Kent 
ME14 5DY
T: 01622 687725
Email:  admin@thequestpartnership.co.uk
 

 

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

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.

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

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).

If you are a business that purchased UK compulsory employers’ liability cover, you will be protected for claims under that cover whatever your annual turnover.

How do I find out if I am eligible for FSCS protection?

The Loss Adjuster or solicitor firm will send you an Application Form which you need to complete and return to FSCS. We will then advise if you are eligible for protection.
 

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

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.

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11. Does FSCS have the money to pay claims?

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.

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12. How long will it take to process my claim?

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.

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

In the first instance you will need to contact your Insurance Broker. 

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

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. 

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15. Do I have to pay to claim compensation from FSCS?

We do not charge consumers for using our service.

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

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.

Claims management companies can take a sizeable part of the possible compensation and are no more likely to make a successful claim than consumers can on their own. 
 

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