FSCS
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FSCS protection for Balva AAS Insurance policyholders
The Financial Services Compensation Scheme (FSCS) is stepping in to help policyholders of Balva AAS (BALVA). The Scheme is in discussions with Balva’s liquidator about the failure of the firm.
Balva, a Latvian company, was operating in the UK under European Directive “passporting” arrangements.
FSCS will protect most of the policies Balva sold in the UK to individuals, small businesses and any UK policyholder who purchased compulsory employers liability cover.
Balva sold a variety of policies which may qualify for FSCS protection including general liability insurance and professional indemnity insurance.
It is too early to predict what the implications of the failure might be for levy payers. We will provide an update on this as soon as more information is available and will publish updates on our website as necessary.
FSCS protects general insurance policies for 90% of the value of the claim with no upper limit. The Scheme protects compulsory insurance, such as employers liability insurance, in full.
FSCS Chief Executive, Mark Neale, says: “FSCS is here to protect consumers when authorised financial services firms go bust and we are stepping in to help policyholders of Balva as a priority.”
There is no need to contact FSCS at this stage. If you have a claims query, please contact the relevant claims company below.
Professional Indemnity
These should be reported to:
Caytons Law
85 Gracechurch Street
London
EC3V 0AAT
Tel: 0207 398 7600
E-mail: Claims@caytonslaw.com
Other Claims
These should be reported to:
Quest
4 Albion Place
Maidstone
Kent
ME14 5DY
Tel: 01622 687725
Email: admin@thequestpartnership.co.uk
Further information:
