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Hit by insurance crash

28th June 2001, Page 7
28th June 2001
Page 7
Page 7, 28th June 2001 — Hit by insurance crash
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Which of the following most accurately describes the problem?

• A Bronnsgrove haulier has lost nearly 5,4,000 following the liquidation of the Independent Insurance Company Hugh Gittins of H Gittins Transport says he is having to keep up the monthly payments to the finance house which paid the lump sum for his policy up front. The policy, which covered Gittins' workshop and yard, was renewed in March.

"When an insurance company fails without warning there's nothing you can do," he says. "It's getting to the stage where we need to take out insurance against insurance failure."

While some big transport firms are rumoured to be affected, Graham Cook of RHA Insurance Services says that the industry as a whole has not been severely hit by Independent's collapse: "They were not a major player in the transport industry The hauliers who had policies with them are few and far between."


People: Graham Cook

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