Calls on all insurers to quickly settle valid claims and Central Bank to publish update
The Alliance for Insurance Reform has welcomed the decision of the Commercial Court in four test cases brought by pub owners over insurer FBD’s refusal to pay out on business disruption over the Covid-19 pandemic.
Padraig Cribben, Director of the Alliance and Chief Executive of the Vintners’ Federation of Ireland said “We welcome this outcome and call on all insurers underwriting in Ireland to move urgently now to settle all valid business interruption claims arising from Covid-19, to review all claims already declined and to inform all policyholders who have a valid claim that this is the case. To string any further clearly valid claims out by dragging cases into litigation or to the ombudsman would be unconscionable at this stage and must be subject to aggravated damages when resolved.”
Peter Boland, Director of the Alliance said “Equally we call on the Central Bank to demonstrate that safeguarding consumers is a priority by publishing an update on the work they have carried out under their COVID-19 and Business Interruption Insurance Supervisory Framework. Keeping that work under wraps merely facilitates insurers determined to minimise their exposure to valid Covid19-related business interruption claims.”