Biba's warning last week to its members over business placed via Preston Whiteside has led to accusations that the insurer collected premiums but never placed cover.
Northern Ireland-based Laing & ...
Biba's warning last week to its members over business placed via Preston Whiteside has led to accusations that the insurer collected premiums but never placed cover.
Northern Ireland-based Laing & Company blames Preston Whiteside for leaving many of its small construction businesses without cover.
Laing & Company managing director Stuart Laing said: "I've realised that Preston Whiteside has been collecting clients money and not placing the cover".
Laing & Company, which used Preston Whiteside for more than a year, notified the GISC when it stopped receiving documentation from the underwriter certifying the cover had been placed.
The problem relates largely to small construction businesses in Northern Ireland.
A Preston Whiteside spokesman said that it was "currently in the process of providing full return premiums to all Northern Ireland-based tradesman liability risks where cover is no longer in force".
It is understood that Preston Whiteside has returned "in the region of 80% of the money" owed to Laing & Company. Preston Whiteside director Paul Newton said the company was now in run-off.
