Alpha Insurance A/S
Since May 2018, FSCS has been working with CRL Management (an appointed representative of BCR Legal Group Ltd), BCR Legal Group Ltd and the Alpha Liquidator to try and secure replacement cover for Alpha’s 10-year latent defect/structural damage insurance policies, which lapsed on 11 August 2018 in accordance with Danish law.
We appreciate the difficult position that many CRL Management/Alpha Insurance customers currently find themselves in, in light of the continued uncertainty surrounding replacement cover being secured.
By far the best outcome here is for BCR/CRL to be successful in arranging replacement cover with a new, solvent insurer.
FSCS is aware that, should a new insurer not be found, it will be difficult for affected policyholders to find replacement cover themselves. Furthermore, the cost of that replacement cover is likely to exceed the amount the policyholders receive in premium refund compensation from FSCS.
For this reason we have granted BCR/CRL a number of deadline extensions in the hope that a new insurance provider can be found.
BCR/CRL have assured FSCS that good progress has been made in recent days and it is likely a deal to secure replacement cover with a new, solvent insurer will be finalised shortly. We will provide a further update by the end of next week (Friday 19 July).
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