Tradewise Insurance Services Limited Update
Important Information for Tradewise Customers
You may have recently seen that Tradewise Insurance Services Limited have ceased trading.
If your current policy was administered by Tradewise Insurance Services Limited on behalf of Berkshire Hathaway International Insurance Limited, then this will now be administered by Faraday MGA Limited.
Don't Panic - Your insurance policy is still valid and will remain so right up to your next renewal.
What does this mean?
Firstly, it's nothing to worry about... your policy is actually underwritten by a company called Berkshire Hathaway, and that hasn't changed. They'll continue as the underwriter for the rest of your policy.
Tradewise were a bit like the "middle man", so as far as your insurance policy and the cover you have, that isn't affected in any way, and your policy remains valid and in force until its current renewal date.
Do you need to call us about this?
Basically, no you don't!
We do however need to let you know that there are some changes to how your policy will be managed for the rest of the term, which will differ from the contact information provided in your policy wording and schedule.
These are explained below:
Adding or removing vehicles to the MID
Tradewise Online is no longer available to add or remove vehicles from policies, and to update the Motor Insurance Database (MID). You will instead be required to report these changes using a new service called MIDAS, provided by Motor Data Solutions Ltd (MDS).
The Username and Password will be sent to you by MDS. In their email there will be a link to their website, a link to a YouTube channel for helpful videos on using and navigating MIDAS, plus a link to the policyholder vehicle management document to assist with additions, updates and removals.
All your existing vehicles will remain on the MID; it's only new vehicles to be added, and any that you need to remove, that you'll need to update.
Other policy changes and cancellations
If you wish to make any other changes to your policy, for example adding or removing drivers, changing address, or cancelling your policy, you should continue to contact us.
What will happen at renewal?
We've been able to do some deals with our other insurance partners, so when it comes time to renew your policy, we'll be able to find you a new policy with a different insurer, and hopefully save you some money in the process.
Notifying a new claim
If you need to report a new claim, please call our Motor Trade Claims Line on 0800 049 8179.
If you've been unfortunate enough to report a claim recently, or have an ongoing claim that is yet to be resolved, then your claim will continue to be progressed as normal but it will now be picked up by a new claims company - The Davis Group. Someone will be in touch directly from them to explain how they will take over handling your claim.
If you have any questions, or want to discuss your insurance policy, please let us know.