Alps, a provider of insurance add-on policies, legal expenses, and claims solutions for intermediaries, has been selected by Fortegra Europe Insurance Ltd as its distribution partner for Guaranteed Asset Protection (GAP) insurance.
Fortegra, a global specialty insurer, is one of the few insurers authorised by the Financial Conduct Authority (FCA) to offer GAP insurance under the current fair value mandate.
Fortegra said that its decision to partner with Alps was influenced by Alps' strong market performance and its technology-driven approach.
Under the agreement, Alps will provide an A-rated GAP product that aims to balance price and value, with the goal of restoring policyholders to their pre-accident financial position in the event of a total vehicle loss.
The GAP policy, which is subject to a value-based price cap, includes several additional features designed to reduce financial risk and offer added security. These features include a guaranteed hire vehicle for up to 30 days, up to £1,500 cover for dealer-fitted accessories, £500 motor excess cover for each year of the policy, a pro-rata cancellation policy refund, and the ability to transfer the policy to a family member.
Alps noted that it is also offering specialised product training for brokers who plan to sell this new GAP product to their clients.
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Julian Tomlinson (pictured above), owner and chairman of Alps, commented on the launch, noting that since the FCA paused GAP sales in February, brokers have frequently inquired about the return of this important protection product.
He stated that Fortegra is highly regarded for its innovative solutions, strict underwriting standards, and outcome-driven approach. Tomlinson added that Alps brings extensive experience, strong relationships, and broker support, along with a proprietary technology-driven ability to quickly respond to market, underwriter, and broker needs.
Tomlinson also emphasised that the partnership would ensure policyholders receive valuable cover and consistent outcomes, reaffirming the importance of GAP as a product for vehicle owners.
Alps offers a wide range of add-on covers, including sole trader, commercial, landlord, and family legal expenses, as well as motor-related add-ons such as excess protection, tools in transit, vehicle replacement, and road rescue.
Additionally, Alps provides property-related add-ons, including landlord excess protection, home emergency, key cover, and second property legal expenses. The capacity for these products is backed by a growing panel of A-rated insurers, and Alps operates several delegated authority arrangements to provide brokers with fast and efficient service.
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