FBD commits to paying pub claims following Commercial Court judgement
FBD has issued a statement today (Friday, February 5) encouraging FBD Public House Insurance policyholders to notify it of valid claims.
The judgment of the Commercial Court in the test cases concerning the application of business interruption insurance under its Public House Insurance policy during the coronavirus pandemic was delivered this morning.
This judgment “provides much needed clarity to all concerned”, the insurance firm said.
A spokesperson for the company said:
FBD is committed to paying valid claims from Public House insurance policyholders and will endeavour to process claims as quickly as possible and in line with the judgment handed down.
“We understand the significant challenges our Public House Insurance policyholders currently face. FBD will arrange interim payments to affected policyholders while awaiting final clarity on quantum.
“All relevant FBD Public House Insurance policyholders, who have not yet notified a claim, are requested to notify their claim on fbd.ie, by calling 01-5823812 during business hours (9:00am-5:00pm), or by contacting their insurance broker.”
In order to efficiently process claims, FBD will require certain financial details, the spokesperson added.
“The claims assessment process will be managed by FBD-appointed loss adjuster, Thornton Group, a Davies Company.
Policyholders who have already notified their claim, including those who have other arbitrations, proceedings or complaints against FBD outstanding, will be contacted by Thornton Group to advise next steps.
Continuing, the firm representative said: “We will now consider the effects of the judgment with our reinsurers and will revert to the market in due course on the estimated net cost of Covid-19 related business interruption claims to the Company.
“We expect the cost to be well within the range of considered financial outcomes, with FBD remaining strongly capitalised.
FBD believes that the court process was the fairest way to reach a resolution in this matter and tried to ensure that proceedings were as quick and efficient as possible for all concerned.
“We have had the privilege of supporting individuals, farms and businesses in Ireland for over 50 years and our commitment to our customers remains as strong as ever,” the spokesperson concluded.