7 April 2020
By Bryan Smyth
Fianna Fáil TD for Cork North Central Padraig O’Sullivan has written to the Finance Minister asking him to meet with the insurance industry to discuss the unfair approach its members have taken to businesses struggling during the COVID-19 shutdown.
Deputy O’Sullivan explained, “I have been contacted by many businesses over the past two weeks who are frustrated and disillusioned with the dealings they’ve had with their insurers. Not only are certain insurers refusing to pay out compensation to businesses with Business Interruption and Infectious Disease cover, some are also refusing to defer premiums or cancel policies.
“I have been dealing with one company which asked its insurer to cancel all contractors risk, public liability, and employee liability policies because all work had been stopped, but the insurer refused to refund the six-month premium and is offering less than a two-month rebate. The company’s request for a deferral of its policy for three months was also refused.
“Insurance companies are not playing ball. They’re leaving already vulnerable businesses completely exposed and forcing them to pay full premiums at a time when they are not even operational. Many of these businesses are facing an extremely turbulent time ahead and the insurers are essentially hanging them out to dry.
“The actions of these insurers needs to be called out. They fly in the face of the community spirit which is being shown by so many decent people and businesses. I am calling on the Finance Minister to meet with the insurers and encourage them to play their part in this unprecedented crisis”.