2007-03-25 09:48:31 · 4 answers · asked by dollyflopp 1 in Business & Finance ➔ Insurance
You need to read your policy to establish if the insurance cover was issued on an "in-house" basis or by an actual insurer. If the policy is underwritten by an Insurer, then it is still valid. If the cover was on a warranty basis provided by Powerhouse, you should have received a letter from the Liquidators of Powerhouse explaining your options - Use the link below for further information.
2007-03-25 13:01:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Generally, PREMIUMS are not refundable. If they were an admitted carrier in your state, there would be an insolvency fund for your state, to pay any claims that cropped up during the policy term. If you cancel the policy mid term, once a carrier goes into insolvency, you get in line with all the other debtors looking for your portion - and you probably won't get anything back.
If they're a nonadmitted carrier, which they might be (where the heck IS the "isle of man" where they are located, anyway?), then you're completely out of luck - no state guarantee fund, no recourse.
Next time, check the carrier rating every year - and be sure you only buy from AM Best rated A- or better carriers.
2007-03-25 11:09:12 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
I've not heard of Powerhouse.
If this is in the US, sorry I cannot help. Generally, if a company goes into liquidation and you have paid an insurance premium to them you are an unsecured creditor so the chance of you getting anything back is remote.
Make sure you arrange alternative cover with a different firm quickly!
2007-03-25 10:03:06 · answer #3 · answered by Charlie Babbage 5 · 0⤊ 0⤋
Did you pay with a credit card? If so you can claim your money back from them if the service is not up to standard. As the company is in liquidation - the service cannot be up to standard. Unless the repairs are still being done by another company.
2007-03-26 05:59:52 · answer #4 · answered by brian t 5 · 0⤊ 0⤋