Compensation payout for pet insurance

Dave Martin/AP/Press Association Images

The Financial Ombusdman has thrown a lifeline to pet owners with cancelled 'lifetime' pet insurance policies, after a provisional ruling on Lucky the dog. Lucky is going to cost her owner a small fortune to treat a chronic skin condition, because the insurance cover she had from Halifax (which was set to run for Lucky's lifetime) was cancelled when the bank withdrew from the market.

The Ombudsman ordered compensation and a policy top-up, so what does it mean for other pet owners?