Further to our previous correspondence regarding your Gap Insurance policy underwritten by Enterprise Insurance Company. I am pleased to confirm that the transfer of your Gap Insurance policy will be completed, automatically, on the 14th December 2016 from Enterprise Insurance Company PLC to AMTrust International Underwriters Ltd. Your current policy with Enterprise Insurance remains in place and covered under the Financial Services Compensation Scheme for any claims until the transfer is completed.
All policy terms will remain the exactly the same, the claims team number and claims procedure remain the same as your original policy. The only aspect that will change is the insurer will be AMTrust International. As you may be aware AMTrust International carry an 'A' credit rating. As all policy terms are unaffected we will not be issuing new policy documentation.
A letter confirming the transfer will be sent out the week commencing Monday 12th December 2016 from Motorway Direct PLC, who are acting as the administrators for the transfer on behalf of ourselves.
The letter you receive, will also outline the alternative option to cancel your replacement policy, should you wish, with any request processed by Motorway Direct on behalf of the FSCS. This will be calculated at 90% of the remaining value on the policy, in line with FSCS compensation rules.
I hope this solution is satisfactory for you. I do appreciate that the letter you received from Grant Thornton may have caused understandable concerns. However, I hope that this resolution provides confirmation that we have been working hard to ensure our customers remain protected both now and for the remainder of your Direct Gap policy.
If you do have any questions or queries please feel free to reply to this email or call a member of the team.