A man paralysed in a car accident has secured the future of his annual compensation payments.
Anthony Bennett was paralysed when he was involved in a car crash back in October 2003. He was the back seat passenger in a vehicle driven by a friend, as it collided with a boulder at the side of the road.
Mr Bennett suffered a serious spinal injury that has left him paraplegic. In 2010 he was awarded compensation for his injuries of £2.25million. On top of this, it was decided at court that he will receive annual compensation payments to provide for his care needs for the rest of his life.
These annual payments are set at £21,500 a year until he is 45, £60,000 a year until he is 60, and £100,000 a year for the rest of his life after that.
However, the insurance company paying the payments was not covered by the Financial Services Compensation Scheme at the time of the accident. This meant that should anything happen to the insurance company in the future, the payments would stop.
Now though, it is being reported in the Cornish Guardian, that it has been confirmed in the High Court that the payments will be underwritten by the Motor Insurers’ Bureau. The MIB is funded by law by all car insurance companies to pay for damage and injuries caused by uninsured drivers.
This decision means that should the insurance company be unable to make the payments, the MIB will step in and do so. This gives Mr Bennett the security he requires for the rest of his life.