SIR: I wish to comment on the insurance industry.
I am the Treasurer of Bolton Community Transport - a volunteer body strongly supported by the BEN and the local council. We aim to meet the transport needs of all Bolton's voluntary organisations and also collect surplus domestic furniture and distribute it to needy people.
Last November one of our two furniture vans was involved in an accident while parked. In no way was the volunteer driver of our vehicle to blame. Due to the dragging of feet by the relevant insurance company we have been unable to repair the vehicle and get it back on the road. Not only have we had to reduce our service to the needy but our cash flow has badly suffered. This is a direct cause of our poor financial position. We are likely to have to close down our operations later in the year.
The new Government has promised legislation to enable businesses to charge interest when bills are paid late. I suggest this should also apply to insurance claims. The relevant settlement date should be the date of the accident or event insured against and interest paid on the period between then and the date of payment.
Perhaps one of our local MPs could pursue the possibility of a section to this effect in the proposed bill.
George K Brown
Treasurer BCT
Barncroft Road, Farnworth
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