On 17 November 2016 Gable Insurance AG (a Liechtenstein insurance company that provided private motor and commercial insurance for UK customers) went into liquidation. This follows a formal order that was issued to Gable on 7 September 2016 by the Liechtenstein Financial Market Authority (FMA) to stop writing insurance over concerns with Gable’s financial position. Gable was also placed into Special Administration by the FMA on 10 October 2016 to protect the interests of policyholders.
Customers’ insurance policies are still valid and claims should be reported in the normal way. However, under Liechtenstein Insurance Contract Law, insurance contracts will automatically expire and no longer be valid four weeks after Gable’s liquidation was made public. We understand that Gable’s insurance policies will expire on 16 December 2016 and customers should take urgent action and contact their brokers and put alternative insurance in place before that date. Customers should also talk to their brokers about the best course of action following Gable’s liquidation.
In particular, customers of Gable who have motor insurance policies should take urgent action to put alternative cover in place before 16 December 2016. This is because after that date it will be against the law to drive under these policies and you will not be covered for any accident after this date.
Customers of Gable have the right to terminate their insurance policies with Gable immediately and do not necessarily have to wait for them to automatically expire on 16 December 2016. Customers should ensure they have replacement cover in place before terminating their Gable policies.
Gable’s appointed liquidator (Batliner Wanger Batliner Attorneys at Law Limited, Liechtenstein) have provided an email address for questions on the legal position of policyholders and other parties: [email protected].
Further information can be found on the FMA’s webpage[1] and that of Gable Insurance AG[2].
Eligible customers are covered by the UK’s Financial Services Compensation Scheme (FSCS) who have declared Gable in default and are arranging to pay claims and return unused insurance premiums. More information is available on the FSCS's website[3].