19 March 2020.  Insurers are very aware that many of their customers are suffering as a result of the very serious business disruption caused by the Coronavirus (Covid-19). Insurance Ireland members want customers to know that we will support them and will be there to deal with claims in the weeks and months ahead. The sector is committed to working with customers during this crisis and to helping as best they can to alleviate the impacts.

“In particular, our members will be doing what they can to help the many businesses that have been asked to close temporarily.” said Interim CEO of Insurance Ireland Gerry Hassett. “We are working to explore ways that we can help business owners reduce the costs associated with insurance for the period where they are not trading.” 

“In relation to Business Interruption cover, standard business insurance policies are designed and priced to cover standard risks.  Standard policies typically refer to risks which are physically present on the business premises. They are therefore unlikely to provide cover for the extraordinary preventative measures (up to and including decisions to close) that have been taken by many businesses to implement social distancing guidelines. Businesses should check the scope of their particular cover and speak to their insurance company or broker.”

“However, Insurers are very conscious of the need to reduce cash-flow pressures for small businesses at this time of crisis. We are exploring a range of flexible options to allow businesses impacted by closure suspend or reduce cover and / or receive flexibility in payments. Insurers expect to be able to introduce these measures to customers impacted shortly” 

Insurers have also fielded queries in recent weeks regarding potential policy issues around both working from home and volunteer driving. “I have spoken with Insurers and they have assured me that they will waive standard restrictions regarding both during these challenging times – we understand customer needs have changed and will respond positively”

Over the last few weeks, insurance companies have worked to put in place the business continuity plans necessary to ensure they can continue to support their customers at this time. Mr Hassett said, “Insurers will continue to deliver for customers as normal, paying pensions, settling travel and health insurance claims, and ensuring cars are repaired or replaced for those who are involved in road traffic accidents.”

“Any customer, business or personal, who has questions about their cover, whether it is motor, health, travel or business should contact their insurer or their broker who will discuss all of the detail with them and provide as much help and support as is possible.”

Ends

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Nuala Buttner

Q4 Public Relations

Tel: 085 1744275