Quinn Insurance
Apr 21, 2010
Many of you won’t have heard of this insurer but their current predicament could impact on your business.
Quinn Insurance are an Irish insurer who are registered to transact insurance within the UK and have been heavily involved with the Construction, Haulage and Solicitors Professional Indemnity Insurance in recent years.
On 30th March 2010 the Irish Financial Regulator placed the company into Joint Provisional Administration due to concerns about the company’s financial position and, as a result, the insurer is no longer able to transact new business in the UK and, as of 6th April 2010, will no longer be renewing policies. The insurer will continue to administer existing policies and pay claims in the usual way.
Whilst this does not affect many of you directly it could affect you indirectly when you are employing contractors who are insured with Quinn. We would urge caution when dealing with anyone insured with Quinn as although the company continues to meet claims, if for any reason the company goes into liquidation then depending on the size of the contractor Financial Service Compensation Scheme may only meet claims relating to compulsory insurance, i.e. Employers Liability claims. It may, therefore, not meet any Public Liability claims and therefore the contractor you employ could find themselves having to meet such claims themselves.
This, in turn, could mean your insurers having to meet claims which would have otherwise been passed onto your contractor which will then have a knock-on effect on your claims experience and premiums going forward.
If you, or any of your contractors, should need any advice as to how to proceed with their Quinn Insurance policy please urge them to contact us on 01422 358 525 or email info@wilbyltd.co.uk
