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Enterprise PI – are you affected?

For those who may be affected, we have some guidance from Richard Brown at Millers Insurance:

You may have become aware that Enterprise Insurance Company Plc have entered administration and are being managed by a Provisional Liquidator. Enterprise have provided Solicitor’s Professional Indemnity Insurance for the past 11 years and it is possible that a number of SPs had policies with them in the past or are still insured with them now.
There are some firms that who may have closed and have run-off with Enterprise, and some that have existing claims and the situation may not have registered with them yet.

The link below will tell you more:

http://www.fsc.gi/fsc/EnterpriseStatement.htm

Others, although they are no longer insured with Enterprise, may have done so in the past and could have claims currently outstanding.  If this is the case, then the following extract from the statement linked to above will be relevant for you to consider and act on immediately:  “If you are a policyholder in UK and have an existing claim : Once claims are assessed and approved by Enterprise Insurance Company Plc, claims will be referred to the Financial Services Compensation Scheme (FSCS) by the Provisional Liquidator. There is some detailed information on the FSCS’ website with regards to compensation limits for insurance claims. See the latest update from the FSCS by clicking here

The key message is that whilst claims will be processed, Enterprise is not able to pay any claims at this stage. In those countries where compensation schemes operate, claims will be considered by those schemes. Policyholders and brokers can now access further information and contact details through the Enterprise website. This is now managed and operated through Mr White as Provisional Liquidator. You can contact Enterprise Insurance at info@eigplc.com.

Please also see the updates and guidance on the SRA website here.