Elite Insurance Company ceases writing new business

[Legal Beagles]

Elite Insurance Company operates in the UK on a freedom of establishment and a freedom of services basis. The firm has decided to cease writing new business in the EU.

https://www.fca.org.uk/news/news-sto...g-new-business

[Nuntius 154]

Re: Elite Insurance Company ceases writing new business

Hi,
should I be concerned about an existing policy with Elite? A company who installed cavity wall insulation in a block of flats issued as a guarantee for each flat a certificate of insurance with Elite Insurance Company. It is hard to determine just what work is being insured here or whether it is just insuring that the installer remains in business.
Thank you

[des8]

Re: Elite Insurance Company ceases writing new business

Insurance backed guarantee should be safe, even if Elite were to go into receivership.
In that event the policies would normally be transferred to another insurer.
If that should not happen the policyholder can, in event of a loss, claim against the Financial Services Compensation Scheme which is the last resort for customers of authorised financial services firms.