Update on European Risk Insurance Company hf.
European Risk Insurance Company hf. (ERIC) has as of Monday the 28th of April 2014, been declared in default by the UK Financial Services Compensation Scheme (FSCS).
This means that FSCS is stepping in and may be able to pay claims against the firm. FSCS is working with the Resolution Board of the firm to assess the position of UK policyholders who may qualify for FSCS protection and on the handling of claims.
ERIC sold a variety of policies which may qualify for FSCS protection. They include:
- Home owner insurance
- General liability insurance
- Combined commercial insurance
- Professional indemnity insurance
The Scheme protects compulsory insurance, such as motor insurance, in full. FSCS protects other general insurance policies for 90% of the value of the claim with no upper limit.
The Resolution Board of ERIC is investigating the possibility of transferring all or part of ERIC's insurance portfolio to another insurance company. The default of the firm will not affect this work. If a transfer of the insurance portfolio is not possible and claims materialise in the meantime, FSCS may pay compensation.
If ERIC policyholders have questions about their policy or claims handling they should contact either their insurance broker or ERIC´s claims department on email: claims@erichf.com.