Dáil Éireann Debate, Tuesday - 23 March 2004
93 Mr. Ferris asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the fact that the former employees of Irish Steel at Cobh were not insured; and her plans to ensure that those with claims against the company for work related injuries receive compensation. [8503/04]
Amharc ar fhreagraI understand that at the time of the sale of Irish Steel Limited in 1995, the company had employer liability insurance in place although there was a policy excess or deductible of £2 million per annum. Claims up to this amount each year would have been a matter for the company. I also understand that such arrangements for limited self-insurance would not be unusual for companies of the size and nature of Irish Steel Ltd. It is also the case that the company's insurance brokers confirmed at that time that the insurance cover in place was adequate for the company's then current operations.
Full information on any claims on hands at the time of the sale were disclosed to the purchasers as part of the due diligence process. Furthermore, as part of the sale agreements, the State made a payment of £2,445,000 to Irish Ispat Ltd. in respect of certain potential liabilities for dust and deafness claims as well as for outstanding taxes. As part of these arrangements, it was agreed that any liabilities in respect of these items would be the sole and exclusive responsibility of the company and the purchaser. The purchaser also undertook to utilise the payment for these items.
I have no information on the insurance arrangements that Irish Ispat Ltd maintained subsequent to the sale. Given that Irish Ispat Ltd is in liquidation, it would appear that any persons with claims against the company should pursue the matter with the liquidator.
