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After telling you earlier today about CBL Insurance Europe going into administration, we can now offer you an update on CBL’s business closer to home.
That update comes courtesy of McGrathNicol, the interim liquidators appointed for CBL Insurance Limited by order of the Auckland High Court of New Zealand. It has today issued a notice to policyholders and holders of surety and financial risk bonds – urging them to seek advice from insurance brokers and professional advisers about whether they need new insurance cover or replacement bonds.
“CBLI is not currently in a position to make any claim payments to any beneficiaries with a claim made under their insurance policy or bond,” it said. “Insureds and beneficiaries should take appropriate measures to minimise their losses. Any costs incurred by claimants which may normally be claimable under these policies, and for which the policies may be liable to respond, will rank as an unsecured creditor claim should CBLI not be able to pay its debts in full and enter liquidation.”
According to the release claimants should “continue to keep CBLI apprised of all developments in respect of their claims” while new claimants should “notify CBLI to ensure that their claims are registered.” It adds that new notifications will be assessed, but “no claim payments can be made by CBLI in respect of their claim while the company remains in interim liquidation.”
“As is the position with open claims, any costs incurred by claimants which may normally be claimable under their policies and for which the policies may be liable will be entitled to rank as unsecured creditor claims should CBLI enter liquidation,” the statement adds.
Those with queries are urged to contact their broker or professional adviser first – and for queries relating to a claim they should contact CBLI on [email protected].
