Taxi Drivers Get £6.9M Payout After Insurer Collapses
Law360, London (May 30, 2019, 2:30 PM BST) -- Britain's financial compensation scheme has revealed it is to pay out £6.9 million ($8.7 million) to thousands of taxi drivers whose insurance lapsed when their Danish insurer collapsed in 2018.
Alpha Insurance A/S — a leading insurer of London’s instantly recognizable black cabs — went bust in May 2018 after the Danish financial regulator ordered it to stop operating because it failed to meet minimum requirements on capital reserves.
The company’s collapse left thousands of drivers of the British capital’s fleet of taxis scrambling for new cover because their compulsory insurance policies had become void. But the Financial Services Compensation Scheme said...
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