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Setanta Insurance and Broker

  • 20-06-2014 10:53am
    #1
    Registered Users Posts: 3,191 ✭✭✭


    any advice on this would be appreciated.

    I am currently in "discussions" with my broker concerning the setanta insurance breakdown.

    Ok here is the timeline,

    On the 5th of Jan 2014 insurance was due our commercial vehicles which were with setanta insurance to the tune of 1800 euro approx.

    on the 15th of Jan we received a reminder to pay the policy by the end of month. ( we have a good account with our broker as they look after all our business insurance)

    On the 30th of Jan we received a call from the broker telling us that we had to pay immediately as they only got 1 month credit from the insurance company and we paid there and then by visa debit card.

    As with everyone else we found out in the media about setanta going bust in around april..

    We since found out that all brokers got a letter from setanta on the 24th of January advising them that they were pulling out of the irish market.

    My question is should our broker took our renewal premiums after they were informed of setanta's problems on the 24th of jan..

    Also did they in fact pass this money onto setanta considering their difficulties?

    They have since provided us with alternative cover but I am reluctant to have them make commission twice on our policies.

    any advice welcome. thanks


Comments

  • Registered Users Posts: 9 aoifeL57


    I work in insurance and setanta did not announce in Jan that they were pulling out of the market, they announced they were no longer incepting new business and that they were continuing to offer existing clients renewals up to the 12th March. Any clients policy that fell due for renewal after they 12th March the brokers had a month in advance to arrange alternative insurance for their clients. Brokers were under the impression that as setanta was offering renewal terms to clients up to the 12th March that they were would continue to hold cover until the following year. So Brokers were not aware they were just going to go bang. If brokers were under that impression from Jan im sure they would of started switching clients straight away rather than been under the severe stress and pressure at last minute to get all their clients covered and this resulted in brokers working over time and having to pay their staff over time. Im sure they would of avoided that situation if it was possible. If you paid your Setanta by a form a card payment depending on they type of card you use, you may be able to claim something back via the card company if you produce your section 30 receipt and a copy of the setanta liquidation letter. Hope this helps


  • Registered Users Posts: 45 mercfisher


    Aoife this is not true, on the 24th of Jan 2014 Setanta were instructed by the Maltese Government to stop trading immediately. The Maltese government licensed Setanta so they had the authority to instruct this. Setanta immediately told the Irish Brokers via email on the same day to stop Underwriting Setanta insurance and to assist the customers in placing their business elsewhere. In reality some brokers did stop some didnt, yours didn't mine didn't, I don't know why they didn't stop underwriting but I can say is that I have a new policy direct with an Insurance company and its €90 cheaper than what I was giving my broker for a Setanta policy ! ???? but anyway I lodged a claim in the small claims court and got a refund, you should do the same as no new policy was legal after the 24th Jan, PM if you need the official original Maltese instruction to Setanta on 24th Jan for small claim court, dont be put off by the thought of court , theres no solicitor required just written submission and any proof thet you have.


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