Lack of Insurance Cover ‘could jeopardise hundreds of jobs’ – Adams
Sinn Féin TD for Louth Gerry Adams has written to Minister for Finance Pascal Donohoe regarding the recent decision by AXA XL, the underwriter of Leisure Insure, not to offer cover to Irish companies.
Teachta Adams said:
“The owners of Pelican Promotions in Dundalk have been in contact with my Sinn Féin colleague, Councillor Ruairí Ó Murchú, to say that they will be unable to renew their public liability insurance when it expires on 13th August.
“The reason for this is a decision which has been made by Axa XL, the underwriter of Leisure Insure, which announced it was ending cover this week.
“The majority of Irish operators of inflatables are insured with Leisure Insure and, at present, there is no alternative provider.
“Pelican Promotions have contacted alternative insurance providers in this jurisdiction and in the north, but none are willing to provide insurance cover.
“This will potentially affect other businesses such as paintball, airsoft sites, pet farms, athletic and dance clubs, and outdoor adventure centres.
“It is a huge issue which has the potential to jeopardise hundreds of jobs across the sector.
“I have requested a meeting with the Minister for Finance and I hope to press him to deliver a solution to this issue.”
Councillor Ruairí Ó Murchú added:
“Sinn Féin has long been critical of the Government’s failure to regulate the insurance industry.
“Axa XL have stated that, following a ‘strategic review’, they have concluded that ‘current, well-documented market dynamics, mean this business does not fit our business plan going forward’.
“This is further proof that the Government needs to support Teachta Pearse Doherty’s Consumer Insurance Contracts Bill, which will radically reform insurance contracts.
“I hope that a resolution can be found for Pelican Promotions and all of the other leisure providers.”