Associated Livestock Marts and FBD are working together to seek solutions which will help to tackle the cost of insurance.

ALM secretary Eric Driver said: “We have been working in consultation with FBD to seek solutions which will help to tackle the cost of insurance while also addressing procedures to ensure radical mart lockdown is not enforced upon marts and we look forward to continuing this process.

“Insurance premiums are a function of the risk profile, liabilities and claims arising within a particular sector. I am confident that the measures being taken collectively by marts throughout Ireland will help to enhance overall health and safety while reducing cost, claim severity and the frequency of accidents.

Health and safety

“Prudent attention to practical health and safety practices in the mart yard has a role to play in this regard, and so too does increased supervision and assistance during sale days in marts.

"The public attending marts must also be willing to play their part in a changed health and safety landscape and co-operate fully with mart staff and with any new procedures that are in place,” he said.

Driver said that the marts sector cannot operate in an environment of unsustainable premiums, and conversely, the largest insurance provider into the marts sector cannot be expected to subsidise claims arising at a significant and recurring loss to them, which he acknowledges is the case.

The public attending marts must also be willing to play their part in a changed health and safety landscape

“Through our continuing engagement with FBD, we remain confident that a balance can be established where everyone must work together collectively to address our mutual concerns.”

Mart lockdown

FBD told ALM mart managers that although in its infancy, mart lockdown where implemented and enforced holds most potential to eliminate the accidents which have occurred most frequently on mart premises.

Chief commercial officer with FBD John Cahalan acknowledged the challenges facing marts but reaffirmed FBD’s commitment to work with ALM to reduce the frequency and severity of accidents occurring on their premises.

Ethos

“FBD Insurance is Ireland’s only remaining indigenous Irish insurer and we have been protecting Irish families, businesses and farms for 50 years. Unlike many of our competitors, local communities including marts are central to our company ethos for being a community insurer.

“We are thankful for the opportunity to address mart managers and are committed to working with Associated Livestock Marts to address insurance costs for marts. Improved health and safety measures along with mart lockdown must be considered by marts to reduce the frequency and severity of accidents. Everyone at FBD looks forward to a situation where claims reduce on mart premises and we can in turn reduce Insurance costs for marts,” he said.

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