The Financial Services Compensation Scheme (FSCS) has declared Enterprise Insurance Company PLC in default.
It is working with the liquidator, Frederick White, of Grant Thornton, and the Financial Services Commission in Gibraltar, where Enterprise is based, to establish the best way to help its policyholders.
Enterprise is permitted to conduct business in the UK and offers a variety of insurance options, including professional indemnity (PI).
FSCS protects individuals and small businesses with a turnover of less than £1 million. Protection is at 100%.
If FSCS establishes Enterprise cannot meet the cost of claims made against it, the scheme will protect UK policyholders. In the case of motor insurance, this means the vehicle covered by the insurance policy must be registered in the UK. Policyholders must meet certain eligibility criteria.
FSCS protects UK policyholders who are individuals or small businesses with a turnover of less than £1 million. FSCS protects all policyholders for compulsory insurance only, e.g. the third-party cover under a motor policy.