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Breaking News - Gable Announced Bankrupt

Who are Gable?

Gable is a European Insurer that underwrites a range of specialist policies across Europe, including motor insurance, general liability insurance and contract works. It was announced on the 23rd November 2016 that Gable had filed for bankruptcy and that the FSCS were stepping in to help its customers. 

Why does this affect Property Managers, Property Owners and Property Developers?

All Property Managers, Property Owners and Property Developers should be aware that any Contractors that they are working with, who were previously insured with Gable may no longer have insurance protection from the 16th December 2016, unless alternative arrangements have been made.

The FSCS (The Financial Services Compensation Scheme), who’s role it is to protect UK consumers of firms that passport from Europe, have confirmed that they will support the failure of Gable Insurance and have agreed to pay 100% of any acceptable claims on compulsory insurance and 90% of any other claims. 

However, without replacement insurance cover in place, your Contractors could be self-insuring 10% for any Public or Products Liability incidents that occur.  

 

You must be made aware that from the 16th December 2016 Gable insurance policies will no longer be valid and you should be checking with your contractors to make sure that they have arranged alternative insurance cover in its place.

 

What to do next?

We would strongly recommend that our clients check with their Contractors to see if they are affected by this and if so that they get in contact with their insurance adviser as soon as possible to arrange alternative insurance.

Contact us today on 01789 766888

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