Popular taxi & private hire insurance firm Alpha Insurance A/S has been declared bankrupt on the 8th of May 2018.
Alpha Insurance A/S is a popular supplier of insurance for licensed taxis and private hire vehicles.
As a result, the Financial Conduct Authority in the UK and the Danish Financial Services Authority (where the company had its head office) have advised all policyholders that their insurance cover has been terminated and to seek alternative insurance coverage as soon as possible to ensure they are legally insured.
The consequence is that any licensed vehicle who was insured by Alpha Insurance A/S on or before 8 May would have had their insurance policies cancelled with immediate effect and will therefore no longer be insured.
The bankruptcy also means that policyholders no longer can report their claims to Alpha Insurance A/S. Policyholders must report their claims to the Danish Guarantee Fund for non-life insurance undertakings (hereinafter Guarantee Fund), provided that the claims are covered by the Guarantee Fund. Otherwise, policyholders must report their claims to the bankruptcy estate of Alpha Insurance A/S.
Driving any vehicle without insurance is an offence and licence holders will face the prospect of losing their licence if they do not find an alternative insurance policy following the bankruptcy of Alpha Insurance A/S.
IF YOU ARE FACING THE LOSS OF YOUR LICENCE AS A RESULT OF ALPHA INSURANCE’s BANKRUPCY GIVE US A CALL: 020 7060 1775