insurance news


Quinn Insurance go into administration


insurers who are more likely to be around to deal with disease claims that may arise in 10 or even 20 years’ time. Te long tail nature of liability claims arising within the asbestos industry makes this an absolutely fundamental requirement when assessing whether an underwriter is a suitable company to use as your insurer. We, at Miles Smith, have always emphasised this need to ensure continuity of cover and peace of mind that future claims against you will be defended and where necessary paid.


T Quinn Insurance has only ever had either a low security rating or


none at all. Historically, it was well known within the insurance industry that their premiums were almost certainly too cheap (a fact now acknowledged by the Irish Regulator). In recent years there has been some anecdotal evidence circulating of larger contractors refusing to accept smaller contractors’ insurance cover if placed with Quinn due to the lack of security offered. It can be seen therefore that the warning signs were all there and it has not been a huge surprise to those of us of mature years in the insurance industry that finally another “cheap” insurer has been placed in administration by Regulators to protect consumers.


Tankfully, it seems that the vast majority of ARCA members have


not insured with Quinn and therefore do not have current worries over their future insurance protection. Tose that have would be best advised to contact their insurance advisors as soon as possible to discuss the situation and their options.


Health and Safety Executive (North East) 07 June 2010


Work haltedon several North East


construction sites aſter safety fears


16 ARCA & ATAC NEWS


sites. Te Health and Safety Executive (HSE) initaitve was aimed at improving safety


W


and focused on refurbishment and roofing work. Inspectors visited sites from Teesside to Northumberland to raise awareness of construction risks and to prevent unnecessary injuries and deaths. HSE made unannounced visits to 77 contractors on 39 sites across the region. Work was halted on several building sites after nine Prohibition Notices were


served effectively stopping work due to concerns about working at height. Nine Improvement Notices were also issued to contractors where there was a


need for workers to have asbestos awareness training or for the lack of personal protective equipment. Tis was the third such annual initiative where HSE Inspectors have carried out


unannounced checks on the refurbishment sector. HSE Inspector John McGill said: “Te construction industry is a challenging environment where each year


workers are needlessly killed or injured. Working at height remains the biggest concern as it is the single greatest cause of workplace fatalities and slips and trips are the most common cause of injury. “Although some sectors in the industry have made improvements in recent


years, standards in the refurbishment sector are still a cause for concern, especially on small projects”


he placing of Quinn Insurance Limited into administration has once again highlighted the importance of insuring with secure


Whilst the competition in the asbestos insurance market in recent


years has been of obvious benefit to the industry in reducing the cost of cover, it remains very important that the choice of insurer is restricted to those who enjoy the best long term security. Te assessment of an “A” rating by an external rating agency, whilst by no means a guarantee of solvency, gives a considerable measure of comfort that the companies concerned are running their affairs properly and are less likely to fail.


As in all industries the cheapest solution is not always the best advice.


It pays to listen to the experts in the field who know and understand the risks presented within your industry and design insurance programmes specifically for the job. Te Miles Smith scheme has now been in existence with the same secure underwriters for over 25 years continuously, during which time many others have “dipped their toes in” and either withdrawn or no longer trade due to insolvency. Consistency of cover and long term security are bywords for Miles Smith protection.


To discuss this, or any other insurance matters, contact David Barton or John Madden on 020 7220 0040.


dbarton@milessmith.co.uk jmadden@milessmith.co.uk


ork was halted on building sites across the North East following an intensive inspection initiative aimed at stopping dangerous practices on


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