Insurers Agree Upon Common Measures To Ease Burden On Businesses

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The country’s main insurance companies have agreed to a series of measures to reassure business customers impacted by the Covid 19 pandemic.

It follows discussions between the Department of Finance and Insurance Ireland.

Most of the key insurers in the Irish market namely Allianz, AIG, AXA, FBD, RSA, Liberty Insurance, Travelers Insurance and Zurich – says they will apply the following common measures to their business customers.

Premiums will be reduced to reflect the reduced level of exposure. This applies for Employer Liability and Public Liability and Commercial Motor insurance

They will allow up to 28 days after renewal for payment.

Insurers will maintain cover for unoccupied commercial buildings, not in use due to Covid-19 restrictions for a maximum of 90 days with appropriate security.

Business customers should contact their insurers or brokers directly in relation to the measures.

“I would like to thank Insurance Ireland for facilitating this agreement,” Finance Minister Paschal Donohoe said.

“In these difficult times, I am pleased that most of the large insurers in this country recognise that they need to have a co-ordinated pro-active response in relation to issues such as forbearance and the handling of unoccupied premises.”