The Rural Independent Group have welcomed the recent High Court ruling favouring four pub owners, in a much-anticipated test case concerning the extent to which business interruption insurance cover is paid out. The ruling means policyholders can claim compensation, under the terms of their policies, for closure of their businesses stemming from the pandemic.
The leader of the Rural Independents, Deputy Mattie Mc Grath stated:
“Naturally, this will be welcome news for the four publicans who bravely took the test case and provides hope to the 1,100 other policyholders who are said to have similar policy wording to the FBD BII policies.”
“Pubs and restaurants remain closed in Ireland, apart from takeaway food and delivery, under the current ‘level 5’ lockdown and so their losses in connection with interruption to their businesses are continuing.”
“However, what is regrettable, from an Irish perspective, is the fact that the case had to be taken by policyholders, while the government and the central bank remained silent on the issue, despite the grave losses being experienced by small businesses throughout the country.”
“In stark contrast to the Irish government’s pandering to insurance companies, the state operated UK Financial Conduct Authority (FCA) took a major test case, all the way to its supreme court, in support of all their Small businesses. The UK ruling means that up to £1.2 billion in compensation could now be paid out to small businesses impacted by the restrictions. These businesses include, pubs, restaurants, nightclubs, wedding planners and beauty parlours.”
“The Irish government and the central bank cannot continue to stand idly by. Failure to act, illustrates once again, which side the government is on. The question is, why would our government continue protecting the interests of large multinational insurance corporations and their linked large-scale financial interests.”
“For instance, publicans took out business interruption cover with insurance companies, in good faith, and the decision by the insurance company to challenge that cover, caused huge distress to small pub owners and their families, at a time when they were at their most vulnerable.”
“We encourage small business owners to review their policies and check the small print. Also, if they renewed their policy during the pandemic, compare it with their previous policy to ensure it was not made more restrictive”.
“Therefore, we are now calling on the government to urgently address this matter. The central bank must instruct insurers to quickly review their business interruption policies and to promptly pay all valid claims.”
“Given the disastrous impact of the pandemic on the pub trade and other small businesses, the judgement will provide hope to many publicans across the country. However, the government must now also intervene and stand with local businesses instead of corporate entities.”
“It is time for the government to show loyalty and stand up for small businesses. The Irish Insurance rip-off has been allowed to escalate on the watch of successive governments. This episode must act as a defining moment. The government must – get a hold of the situation – once and for all,” concluded Deputy Mc Grath.
Tell us your thoughts in the Facebook post and share this with your friends.
