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Pubs’ insurance hikes threaten businesses

Publicans hit by 20pc a year increases in the cost of insurance say the “crippling” hikes threaten the viability of their businesses.

Publicans hit by 20pc a year increases in the cost of insurance say the “crippling” hikes threaten the viability of their businesses.
The Licensed Vintners Association (LVA) said a survey of its 550 members, representing the majority of Dublin pubs, found their insurance costs increased on average by 20pc between 2014 and 2015 and by the same amount between 2015 and 2016.

The LVA wants the Government to carry out an independent review of the business insurance market as a matter of urgency.
Chief executive of the LVA Donall O’Keeffe said the situation is reaching breaking point.

“Insurance costs for Dublin publicans are a very serious expense, typically ranging from €15,000 to €25,000 per annum. However, many larger LVA members, especially in the late bar scene, are facing premiums of €50,000 to €100,000 per annum,” he said. The LVA says there is concern about how the claims system is functioning. It says most claims are by-passing the Personal Injuries Assessment Board introduced to lower costs, with cases instead settled directly by insurers.
Donall O’Keeffe said the lack of transparency on how claims are settled is shocking and claimed the level of compensation awards and false/exaggerated claims were helping drive up costs.

Article Source: http://tinyurl.com/kbwqb42

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