TVRCC/A Manning Insurance
Discussion
Just called them - apparently existing policy holders should not be affected - their policies will just continue until they expire. Independent are not taking any new business or accepting renewals.
They also said that as of today, they are arranging their TVR policies with Cornhill - they told me the quotes are more competitive, but I suppose only time will tell
Further news from the BBC Website:
"Under the terms of the Act, compulsory claims such as third party motor insurance will be met in full.
Claims made by private individuals under non-compulsory insurance, such as claims for own damage under comprehensive motor policies, buildings and home contents, will be paid to 90% of their value."
quote:They just confirmed to me that a letter was in the post and they recommend moving to Cornhill who are kindly taking us all on for the same price ... but we've got to pay pro-rata for the rest of the year (£500+ or 9 months in my case) and pray for a refund from Independent. How kind of Cornhill. Oh look, here's £500 in my back pocket doing nothing, and I was going to flush it down the toilet later ... Apparently there is some kind of disclaimer in with the letter in case we decide not to switch (I guess this mentions the 90% we get back on comp/fire/theft claims). My excess is £400 so 10% less back is no big deal on a £15k car, but I bet getting the money out of them will be a big deal. Looks like we gotta cough up if we want any payout from an incident. Bugger.
Just called them - apparently existing policy holders should not be affected - their policies will just continue until they expire. Independent are not taking any new business or accepting renewals. They also said that as of today, they are arranging their TVR policies with Cornhill - they told me the quotes are more competitive, but I suppose only time will tell
A bit more info on the demise of Independant. I've just been speaking to ClassicLine (who I moved to from Manning last year at a saving of £160)and they have confirmed a similar policy - ie. a pro-rata fee to swop to an equivilent policy. In their case the policy I have been offered is with Royal Sun Alliance with no increase in premium. If you have recently renewed you might be lucky because if your premium has not been forwarded by your broker to Independant then it can be held by them and put towards the new policy. I was lucky as even though I renewed almost a month ago my premium had not left Classicline - PHEW!
Anyway, if you are in a similar position I suggest you get on to your brokers ASAP and you might still save some money. As far as the mandatory payout rules are concerned, dont forget that the 90% payout will have to come via the liquidators so how long will that take? ie. your car could sit in a garage for months while the garage waits for the money - unless you are prepared and able to front the money yourself!
I am well stuffed - I have both my cars through Independant. I just paid £850 for my Audi to be added to the policy, paid by debit card unfortunately so no chance of seeing that again.
I reckon I will just wait for renewal and take my chances - the cost of moving to another insurer, pro-rata, doesn't bear thinking about.
As for getting any any 90% payout from the receivers, I reckon theres as much chance as there is of getting a payout from any insurer these days - f**k all.
Insurance is one major scam that someone ought to be sorting out. How can their increases always outstrip inflation by so much? Insurance companies are one big cartel exploiting a captive customer base - you gotta have the product so they'll charge what they like. Then they'll find any pathetic excuse not to pay out - "you didn't tell us you fitted alloy stalks to your TVR sir, your policy is invalid". "Gimme a refund of the policy then?" "F**k off sonny".
Grrrrrr.
Ooops, went off on one again!!!!
philshort
I'm in the same situation, paying again pro rata seems like a nightmare.
Are you saying that you are not paying and if not what is the position with your policy? are you covered until the end? classic line has asked me to return my certificate asap 
Does anyone out there know where we stand ?
Does anyone out there know where we stand ? 
Below is a statement from Pricewaterhousecoopers (appointed Provisional Liquidator)
18 June 2001
For further information, please contact:
Mark Batten, PricewaterhouseCoopers
Tel: 020 7212 6065
Dan Schwarzmann, PricewaterhouseCoopers
Tel: 020 7804 4630
or
Lorna Siddall, PricewaterhouseCoopers
Tel: 020 7213 4731
PricewaterhouseCoopers appointed Provisional Liquidators to Independent Insurance Company Limited
Mark Batten and Dan Schwarzmann, partners in the Insurance Restructuring Group of PricewaterhouseCoopers, have today been appointed Provisional Liquidators of Independent Insurance Company Limited ("IIC"
, which went into run off on 14 June 2001.
The directors of IIC concluded that there was insufficient certainty that the company's insurance operations could be run off on a solvent basis, (ie that its assets would exceed its liabilities), having considered the financial position of the company in the light of the decision to cease writing new business.
Accordingly the Directors have concluded that the company should be placed in Provisional Liquidation. Inevitably some job losses are to be expected.
The present financial position of the company is still uncertain and the Provisional Liquidators will be seeking to determine the financial position of IIC. They will also be working with policyholders to develop a reorganisation plan. It is probable that a Scheme of Arrangement under section 425 of the Companies Act will be put forward. Such a scheme usually provides for part payment of claims by the company in the event of a deficiency (ie the company's liabilities exceeds it assets). On account payments are usually made in respect of those claims.
Decisions concerning the future position of other companies within the group will be made shortly. However efforts are being made, as a matter of urgency, to dispose of those businesses or companies which remain viable.
Mark Batten commented:
"We will be conducting a forensic investigation into the financial position of the company as a matter of urgency, including the reasons for the company's failure. Over the next few months we will also be seeking to develop a Scheme of arrangement to enable claims to be agreed and payments to commence for settling those claims."
Policyholders should therefore continue to submit claims information in the normal manner.
The Policyholders Protection Board will be concerned to safeguard the interests of policyholders and is willing to consider assisting policyholders whom it considers would be eligible for protection under the Policyholders Protection Act 1975 if IIC were in full liquidation and whose claims are not met or to be met from other sources. The Policyholders Protection Board is asking the Provisional Liquidators to refer all relevant cases to it. In these circumstances, policyholders need not contact the Policyholders Protection Board directly.
ENDS
Notes to Editor:
1. Independent Insurance Company Limited ("IIC" is the principal underwriting company within the Independent Insurance group of companies, which also includes underwriting/ reinsurance subsidiaries or branches in Ireland, France, Spain and Australia. The other businesses in the group include claims handling and investigation, loss adjusting, software development and environmental risk assessment.
The audited accounts of the Independent Insurance Group as at 31 December 2000 show gross assets of £1.718bn and gross liabilities of £1.401bn. The company wrote principally property, liability, home and motor business in the commercial and personal sectors. It has in excess of 500,000 policyholders and about 2,000 employees.
Please note that the Company has established a help line for policy holders: 0161 741 1010
2. Technical background:
'Run-off' - An insurance company in run-off cannot write any new business but relies on cash balances, investments and reinsurance to continue to pay claims in full. It enters insolvency only when it cannot continue to pay policyholders' claims in full.
'Scheme of Arrangement' - A Scheme of Arrangement is an agreement with creditors which is binding on all creditors if a majority in number, and at least 75% by value, of those present at a creditors meeting vote in favour of it.
'Protection' - In general, protection is extended to private individuals or partnerships of individuals. Corporations are also protected but only in respect of compulsory classes of business such as employers' liability.
3. PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organisation. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.
PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organisation.
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, which went into run off on 14 June 2001.
The directors of IIC concluded that there was insufficient certainty that the company's insurance operations could be run off on a solvent basis, (ie that its assets would exceed its liabilities), having considered the financial position of the company in the light of the decision to cease writing new business.
Accordingly the Directors have concluded that the company should be placed in Provisional Liquidation. Inevitably some job losses are to be expected.
The present financial position of the company is still uncertain and the Provisional Liquidators will be seeking to determine the financial position of IIC. They will also be working with policyholders to develop a reorganisation plan. It is probable that a Scheme of Arrangement under section 425 of the Companies Act will be put forward. Such a scheme usually provides for part payment of claims by the company in the event of a deficiency (ie the company's liabilities exceeds it assets). On account payments are usually made in respect of those claims.
Decisions concerning the future position of other companies within the group will be made shortly. However efforts are being made, as a matter of urgency, to dispose of those businesses or companies which remain viable.
Mark Batten commented:
"We will be conducting a forensic investigation into the financial position of the company as a matter of urgency, including the reasons for the company's failure. Over the next few months we will also be seeking to develop a Scheme of arrangement to enable claims to be agreed and payments to commence for settling those claims."
Policyholders should therefore continue to submit claims information in the normal manner.
The Policyholders Protection Board will be concerned to safeguard the interests of policyholders and is willing to consider assisting policyholders whom it considers would be eligible for protection under the Policyholders Protection Act 1975 if IIC were in full liquidation and whose claims are not met or to be met from other sources. The Policyholders Protection Board is asking the Provisional Liquidators to refer all relevant cases to it. In these circumstances, policyholders need not contact the Policyholders Protection Board directly.
ENDS
Notes to Editor:
1. Independent Insurance Company Limited ("IIC" is the principal underwriting company within the Independent Insurance group of companies, which also includes underwriting/ reinsurance subsidiaries or branches in Ireland, France, Spain and Australia. The other businesses in the group include claims handling and investigation, loss adjusting, software development and environmental risk assessment.
The audited accounts of the Independent Insurance Group as at 31 December 2000 show gross assets of £1.718bn and gross liabilities of £1.401bn. The company wrote principally property, liability, home and motor business in the commercial and personal sectors. It has in excess of 500,000 policyholders and about 2,000 employees.
Please note that the Company has established a help line for policy holders: 0161 741 1010
2. Technical background:
'Run-off' - An insurance company in run-off cannot write any new business but relies on cash balances, investments and reinsurance to continue to pay claims in full. It enters insolvency only when it cannot continue to pay policyholders' claims in full.
'Scheme of Arrangement' - A Scheme of Arrangement is an agreement with creditors which is binding on all creditors if a majority in number, and at least 75% by value, of those present at a creditors meeting vote in favour of it.
'Protection' - In general, protection is extended to private individuals or partnerships of individuals. Corporations are also protected but only in respect of compulsory classes of business such as employers' liability.
3. PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organisation. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.
PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organisation.
print page
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