Towergate insurers may go belly up

Think mine comes up for renewal in Jan. May consider someone like Glover and Howe instead. Have been told in the past that they are good.
 
if I understand correctly, Towergate are only a broker - not an insurer. If you've taken out a policy through them all they've done is take a fee to introduce you to the insurer - they're not actually the ones providing your coverage.
 
However, brokers going belly up in the past have taken money and not actually delivered insurance (it happened to me). No choice but to pay again. Thatb was motor insurance, though.
 
ChrisR said:
However, brokers going belly up in the past have taken money and not actually delivered insurance (it happened to me). No choice but to pay again. Thatb was motor insurance, though.
Click to expand...
Are brokers not covered by FSCS? Possibly not...
 
Towergate are nearly £1bn in debt. Here's the blurb from one of the 'High Street' magazines........

20.11.14
Towergate Insurance Difficulty May Spell Trouble for Photographers
Following the announcement of net debts of £977.5m, issues of cash flow, a downgraded rating, and possible sale of the company Towergate, Professional Photographer advises photographers to keep an eye on their insurance
Towergate, who specialise in personal and business insurance, including Photography Equipment, Business and Liability Insurance, are under increasing financial strain with the outlook appearing bleak. But what happens when your insurance firm goes bust? Are you 'insured' for such a thing?
In the UK, the Financial Services Compensation Scheme (FSCS) is in place to refund on behalf of financial intuitions who have hit difficulty, though the payouts vary from case to case. If you're insured with Towergate, the best advice is to sit tight and wait for official announcements so that the FSCS will have more specific instructions for you, but chances are, your premium or payments may be refunded, depending on the extent of your cover.
The official line right now is to do your research and keep a look out for other business insurance policies so if things do go belly up, (there may be hope yet!) you won't be left in limbo with no insurance leaving yourself wide open for financial disaster. Be sure though to hold off signing any dotted lines just yet, you don't want to be paying hefty fees to get out of a policy that is still live. If Towergate do find a new buyer, their debts and assets can be successfully passed on.
 
I am with Towergate and was unaware of this will drop them an email and see what the craic is.
 
To be honest f/2.8 they are unlikely/unable to tell you much and what they do say will need to be taken with a pinch of salt.
 
As Munch says f2.8, they probably won't tell you anything other than your policy is fine and there's no need to worry. Unfortunately, if the you know what does hit the fan that's when you'll be told that your insurance is no longer valid and you'll then have to scramble around to get insurance elsewhere. There is the outside chance it may continue but with debts of that amount stacking up, you have to wonder.
 
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