PAINTING contractor Nor-Clean has received an insurance payout of more than £500,000, following the receivership of shipbuilder Cammell Laird.
The Jarrow company received the payout from credit insurer Euler Trade Indemnity. Euler provides insurance against debt incurred by a company doing work for another that goes into receivership or which is declared insolvent.
Nor-Clean was a regular painting, scaffolding and insulation sub-contractor to Cammell Laird and had a number of contracts with its yards on Merseyside and in the North-East at the time.
Jack Hayton, managing director of Nor-clean said: "The pay-out covers 85 per cent of the total Cammell Laird liability, so the prompt recovery and receipt has been vital for our company.
"Many companies shy away from taking out credit insurance because they perceive the premiums as being expensive, but our experience with Euler Trade Indemnity is that taking credit insurance is an important and affordable business decision and one which many companies should consider."
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