Failed insurer affects 140 firms

Around 140 Irish construction firms have been left exposed by the collapse of UK insurer Independent Insurance, the Construction Industry Federation has said. In a letter to the Minister of State for Enterprise, Trade and Employment, Mr Noel Treacy, the federation said its estimate of the claims costs at this stage is about £10 million (#12.7 million). Firms affected include family businesses to larger national contractors, with the level of insurance premiums paid ranging from £20,000 to £250,000, it said.