Non-admitted Property & Casualty insurance is not permitted in the Republic of Ireland (‘Ireland’).
Insurance buyers cannot place their business with non-admitted insurers abroad.
The only exceptions are marine/aviation hull and cargo.
The insurance must be with locally authorised insurers. EU Freedom of Service policies can be utilised but the Ireland insurance taxes must be filed. Therefore if a P&C global controlled master program is used it must have appropriate local admitted policies issued in the EU/Ireland.
There is no tacit renewal of Property and Casualty policies and contracts are on an annual basis.
The sums insured and premium are in Euro €.
Occasionally a Subsidiary will arrange their own full P&C program with local insurers however the usual practice is to have a mix of global controlled local admitted policies and local arranged covers.
Many of the major Global Insurers have Branch Offices in Ireland to facilitate the issue of policies to a good local standard.
If a P&C controlled master program with local policies is used the risks we generally encounter that need to be arranged locally are motor and employers liability.
Please see the further explanatory note below.
Motor Third Party liability and Professional indemnity insurance for certain professions such as Solicitors and Medical Professionals are the only compulsory classes of insurance.
The current Government Levy is 5% of premium other than on Marine and Export Credit Insurance where there is no levy. The insurer collects the levy.
Insurance Brokers placing business in Ireland must be authorised by the Irish regulatory authority The Central Bank of Ireland.
Ireland has a mature well developed insurance market and the full suite of P&C and Financial Lines insurances are available locally or in the London market.
Terrorism cover is also available and is usually straightforward.
Third Party Liability motor insurance is compulsory insurance in Ireland for all motor vehicles irrespective of whether the accident occurs in a public or private place.
Fire, theft and accidental damage cover can be arranged at an additional premium and are not compulsory.
Third party motor insurance is required on plant such as forklifts.
As required by law the limit of indemnity for third party bodily injury is unlimited in amount.
The limit for third party property damage is usually €30 million per accident for motor cars.
Commercial vehicle policies have significantly lower damage limits but excess limits can be purchased.
Under compulsory motor insurance injury to the driver that caused the accident is not covered.
A drivers personal accident policy can be arranged.
There is no standard cost for motor insurance and the insurance company can set premium bases on the type / use of the vehicle and the driving history / experience of the driver.
A first time single vehicle policy in a company name where there is no connected business is generally not preferred business for insurers and difficult to place at a competitive premium.
Fleet policies are available for multiple owned company vehicles or single vehicle policies are available.
On fleet policies open driving is usually given but named drivers on single vehicle policies.
A completed proposal form is usually required to obtain a quote.
Employers Liability (EL) insurance is not compulsory in Ireland but it is the standard practice for all businesses to arrange such cover.
Employers Liability is arranged in the commercial market and generally stand alone EL is not preferred business for many insurers.
Terrorism is an excluded risk.
All employers have a common law and statutory duty of care to their employees to provide a safe place of work, safe system of work adequate training and supervision.
An employers liability insurance covers the insured for the cost of compensation and associated legal costs for which they are legally liable for injury or industrial disease sustained by employees in the course of their employment.
The standard limit of indemnity is €13,000,000 any one accident and inclusive of legal costs.
Higher limits of indemnity can be arranged. A self insured claims excess can be taken generally on large risks.
The is no Workers Compensation System in place in Ireland however there is a State Social Security System that provides minimal occupational accident benefit.
The employers liability premium is based on payroll for different classes of employee such as clerical or manual, the hazard of business activity, claims history and risk management.
There is a statutory requirement to arrange an independent inspection of work plant for example lifting and pressure vessels. This inspection service is provided by Engineering insurers or specialist companies.
It a legal requirement that there is a Safety Statement and insurers will expect this to be in place