asked the Minister for Industry, Commerce and Energy if he is aware that insurance companies operate a limit of £10,000 in any one claim for third party property damage in most commercial insurances and the proposals, if any, to have these limitations changed.
Written Answers. - Insurance Company Claim Limits.
311.
I take it that in this question the Deputy is referring to commercial vehicle insurances.
I am aware that a limit of £10,000 in any one claim for third party property damage in commercial vehicle insurances is operated by some companies. In others a maximum as high as £100,000 applies without payment of additional premium while most companies will offer cover in excess of £10,000 and in some cases to a limit of £¼ million for additional premium.
I cannot require insurers to quote for commercial vehicle third party property cover in excess of the statutory minimum of £1,000 laid down in the road traffic legislation but I would be surprised if in this highly competitive sector of the motor market any difficulty in obtaining cover in excess of £10,000 would arise. It is important that policyholders are fully conversant with the indemnity conferred on them by the particular policies they hold and for most commercial vehicle owners I am sure this is the case.