Strategic are the insurance agency the policy was arranged through. LAMP Insurance are the insurance company that underwrite the GAP or Total Loss Protection policy.
FAQ: LAMP
I am an existing policyholder, what happens to my policy?
Your policy has been cancelled as of midnight on 3rd October 2019. The cover is no longer in force after 23:59 on 2nd October 2019.
What does this mean for me?
Your GAP or Total Loss Protection policy is now cancelled and you would not be able to make any claim on that policy as of 3rd October 2019.
What is the Financial Services Compensation Scheme (FSCS)? Am I eligible and protected under the scheme?
The FSCS is the compensation scheme for UK policyholders. The FSCS can compensate customers if a firm has stopped trading or does not have enough assets to pay claims made against it. BCD policyholders insured with LAMP Insurance will be eligible to claim under the FSCS.
fscs.org.uk/
Do I have the right to a refund of my premium and when would I receive it?
The FSCS will review on a case by case basis. If a refund is due it will be sent directly to you by cheque. The cheques will be sent out before the end of October 2019 directly from the FSCS.
How much refund would I receive?
If you are due a refund, return of premium is calculated on the basis of any unexpired premium from the Disclaimer date (3rd October 2019), and is compensated at 90% of the total due by the FSCS. No refund would be due if a claim had been reported.
I haven’t been able to use this policy, will I get a full refund?
As above, the FSCS will refund 90% of any unexpired premium from the date the policy was cancelled. You will not receive a full refund.
If I have cancelled my policy would I still be due any refund?
The terms and conditions of your existing policy remain applicable in the event that you have cancelled your Lamp insurance policy. Please see your policy wording in relation to cancellations.
The FSCS have advised that policyholders who have cancelled their policies will still be entitled to a return of premium but its value will be determined according to the policy terms and conditions which may be less favourable than a pro-rata return.
Can I have my refund by BACS payment?
No. Payments from the FSCS are issued by cheque only. The cheque will be payable to the policyholder
I have changed address since taking the policy out. How will the cheque be redirected?
We will confirm the up to date addresses we have to the FSCS. If you have changed address and not told us please email us now with the details and we will update the information.
Can I have a replacement policy?
We are unable to offer an alternative GAP or Total Loss Protection policy at this time.
I have a loan with Close Brothers Premium Finance (CPF) because I pay my policy on direct debit. How does this situation impact my loan?
All policyholders have an obligation to repay a loan to the provider under the terms and conditions of the loan agreement entered into. If you have any questions in respect of your loan, please contact CPF on 0333 3218 566.
I have an existing claim or want to make a new claim. What should I do?
The Liquidator has appointed Quest Consulting (London) Ltd of 52-53 Gracechurch Street, London EC3V OEH, United Kingdom (“Quest”) to administer claims and communications in respect of insurance claims should be sent to the following email address lamp@quest-group.co.uk
No claims occurring after 23:59 on 2nd October 2019 will be considered. Existing claims will continue to be dealt with by Quest Consulting.
I still have some questions about this situation. Who do I contact?
The dedicated website page, businesschoicedirect.co.uk/lamp , contains all the most up to date information. You can also email the team who will respond at: help@businesschoicedirect.co.uk or, should you be unable to use any of these services, you can call the team on 0344 7768307.