Woolworths supplier ‘to fight credit insurer over £1m default’

A credit insurer that failed to pay up when Woolworths collapsed could face a legal battle with one of its suppliers, according to yesterday’s Independent.
The newspaper says it believes that the supplier will fight Euler Hermes, the world’s biggest credit insurer, over a claim worth more than £1m.

Euler Hermes has reportedly already lost £50m in pay-outs out to policyholders as a result of Woolworths’ failure.

A newspaper source said: “Credit insurance already has a terrible reputation for disappearing when it’s needed most. The fact that Euler is not paying out on a perfectly valid claim tarnishes its reputation even further.”

Trade credit insurance claims were up 51% in the final quarter of last year.

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