Liechtenstein-based Gable offered commercial property insurance, motor cover and a deposit guarantee scheme in the UK.
However, the firm appointed liquidators after receiving a formal order from the Liechtenstein Financial Market Authority earlier this year to stop writing insurance amid concerns over Gable’s financial position.
The Financial Conduct Authority (FCA) has now urged customers to put alternative cover in place as it understands Gable’s insurance policies are to expire on 16th December 2016.
In a statement, the FCA said: “Customers should also talk to their brokers about the best course of action following Gable’s liquidation.
“In particular, customers of Gable who have motor insurance policies should take urgent action to put alternative cover in place before 16th December 2016.
“This is because after that date it will be against the law to drive under these policies and you will not be covered for any accident after this date.”
Under Liechtenstein Insurance Contract Law, insurance contracts will automatically expire four weeks after liquidation is made public.
Customers of Gable also have the right to terminate their insurance policies immediately.
Eligible customers will be protected by the UK’s Financial Services Compensation Scheme, which has declared Gable in default and is arranging to pay claims and return unused insurance premiums.
Questions surrounding the liquidation should be directed to Gable’s appointed liquidator Batliner Wanger Batliner Attorneys at Law Limited.
The Liechtenstein-based firm can be reached at gable@bwb.li.
Gable went into liquidation on 17th November 2016.
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