Fleet News

Paramount cash to be paid out

BODYSHOPS awaiting payments for repairs carried out following the collapse of insurance company Paramount are likely to receive the majority of outstanding amounts, the Vehicle Builders and Repairers Association said this week.

Following discussions on behalf of its members with Paramount, liquidators Price Waterhouse, the Policyholders' Protection Board, the Association of British Insurers and the Department of Trade and Industry, the PPB has agreed to assist with payments.

As a result Paramount may be in a position to arrange for payments to be made by, or on behalf of the PPB. Body repairers are likely to receive 90% of any outstanding amounts owing to them from Paramount, except in the case of third party claims where they will receive 100%. Body repairers will be able to claim the outstanding 10% direct from customers.

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