Released on: December 4, 2007, 11:13 pm

Press Release Author: Alexandra Lewis

Industry:

Press Release Summary: Leading insurance broker and risk management consultant Aon
has handled the settlement of a £1.2 million trade credit claim for electronics
company Toshiba in just five working days. A claim of this size would typically take
around two months to settle.

Press Release Body: Leading insurance broker and risk management consultant Aon has
handled the settlement of a £1.2 million trade credit claim for electronics company
Toshiba in just five working days. A claim of this size would typically take around
two months to settle.

When one of its major customers went into liquidation owing the company £1.2
million, Toshiba met with Aon to discuss the claim on its trade credit policy.
Matthew Tuckey, claims executive at Aon, handled and submitted the necessary
documentation to the insurer Euler Hermes within days of being notified of the
claim. Regular communication between Aon, Toshiba and Euler Hermes ensured everyone
was kept informed and, as there were no contentious issues, the claim was paid in
full within five working days of being submitted to the insurer.

Roger Bamber, director at Aon Trade Credit, said: "Toshiba's case illustrates the
need to protect against bad debt. Having up-to-date and well-researched information
on existing and potential trading partners is paramount to understanding the risks
of non-payment. On the occasions that a claim cannot be prevented, the insurance
market can provide protection against supplier default. Price wise, premiums are
competitive at the moment so it\'s a good time for companies to review their
position."

Paul Flanagan, director of risk at Euler Hermes, the underwriter on the case,
explained: "We know Aon and Toshiba very well, which gave us the confidence to
settle the claim as quickly as possible. For example, we didn't need to undertake
the usual third-party claims inspection, which saved a lot of time. Having a strong
tripartite relationship was the key to getting a claim of this size paid with such
remarkable speed."

Stephen King, Group Credit Manager at Toshiba, added: "We're very grateful to our
broker Aon for its co-operation in settling the claim within five working days of
its submission."builder\'s
insurance

Aon UK is ranked by A.M. Best as the number one global insurance brokerage based on
brokerage revenues and voted best insurance intermediary, offering classic car
insurance, high value home insurance, entertainment and media liability insurance
and builder\'s
insurance.


Web Site:
http://www.commercialservices.aon.co.uk/commercialservices/microsites/construction/


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