ATE provider goes into liquidation causing doubt over insurance policies
LAMP Insurance, a Gibraltar based after-the-event insurance supplier for clinical negligence and personal injury, has failed. A message on their website confirms an application was placed to the Supreme Court of Gibraltar for the Company to be placed into liquidation on Thursday 16 May 2019.
The statement advises that insurance policies that have not expired remain in force but as LAMP “is insolvent it is unable to make any claim payments” potentially causing major issues for firms holding policies.
The company’s statement advises “Policyholders should immediately consider acquiring alternative insurance protection. Where policyholders have purchased policies from the Company through an insurance broker, solicitor or other intermediary, they should consult that person to seek advice as to what options are open to them.”
More information on this can be found here.
If this news impacts on you and you need any advice, guidance or want to discuss what it could mean for you or your clients Chris Kelly of Palladium Insurance, a member of our MLS Advantage group, would be happy to speak to you. You can contact Chris on 0161 667 3689, 07866 525287 or [email protected]