Building Insurance

Dáil Éireann Debate, Thursday - 20 October 2011

Thursday, 20 October 2011

Questions (126)

Clare Daly

Question:

126 Deputy Clare Daly asked the Minister for the Environment, Community and Local Government his views on whether HomeBond structural defects insurance was fit for purpose prior to 2008, noting that the Law Society issued a warning identifying the overall limit of liability in respect of any one housing developer as seriously inadequate; if it is currently fit for purpose in view of the fact that the current HomeBond structural defects insurance introduced in 2008 has an indemnity limit of €100,000 per housing unit together with a maximum indemnity limit of €2 million for all houses constructed by any developer; the action he will take regarding same; and if he will make a statement on the matter. [30551/11]

Written answers

Minister for the Environment, Community and Local Government (Deputy Phil Hogan)

HomeBond is a private limited company providing structural guarantees for new houses and, since November 2008, the HomeBond Insurance Scheme is underwritten by Allianz Insurance. As in the case of any private company its operations are a matter for its management and Board of Directors. My Department understands that HomeBond Insurance Services Ltd is regulated by the Central Bank of Ireland and I have no function in such matters.