Oireachtas Joint and Select Committees
Wednesday, 15 December 2021
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Insurance Issues: Engagement with Insurance Companies
Mr. Aidan Connaughton:
If we insure a bank for physical damage to the building and if there is business interruption cover applicable to the bank’s property policy, then business interruption would apply. I think the Deputy was asking more to do with the funds and the investment of the funds rather than the physical damage to the property. In the event there was physical damage to the property which caused the property or the bank to close as a result of whatever might happen, such as an explosion or a fire, there would be business interruption cover available and subject to the triggering of the wording.