Insurance

The Central Bank

The Central Bank has published its COVID-19 and Business Interruption Insurance Supervisory Framework (the Framework), the objective of which is to seek early identification and resolution of issues which have the potential to cause customer harm, driving clarity for affected businesses as quickly as possible.

  • The Framework sets out the Central Bank’s expectations of insurance firms in handling COVID-19 related business interruption insurance claims
  • Where customers have an entitlement to claim under a business interruption insurance policy, the Central Bank expects that claims will be processed and paid promptly and fully
  • Where cover and related issues are disputed, the Central Bank expects firms to pay the reasonable costs of customer plaintiffs in agreed test case litigation

  • Insurance

    Fáilte Ireland has worked with an independent insurance advisor to provide general information in response to questions we’ve had directly from businesses on how to interrogate insurance policies with a view to reducing payments where appropriate, securing refunds and determining eligibility for claims.

    The information in this FAQ guide is general and is intended to highlight some issues that businesses may wish to review with their insurance broker or adviser. The document addresses a range of topics including:

    • What do I need to consider in relation to my insurance cover in light of COVID-19?
    • Do Business Interruption policies cover financial loss related to COVID-19?
    • What premium reductions might be achievable for your current insurance period?
    Insurance policies are complex and therefore it is essential that businesses seek their own professional advice regarding their particular insurance arrangements and take steps to protect their business during the COVID-19 crisis.


    Related Supports