asked the Minister for Industry, Commerce and Tourism if his attention has been drawn to the difficulties being experienced by a number of building contractors who are nominated to tender for local authority housing contracts in obtaining insurance bonds, and are informed by the local authorities that subject to the procurement of a bond their tender would be accepted; the number of companies, currently in operation in Ireland, who would handle such insurance bonds and if he is satisfied that the market is adequately provided for.
Ceisteanna—Questions. Oral Answers. - Building Contractors' Insurance Bonds.
37.
Though it has been indicated in a general way to me that some contractors were experiencing difficulty in obtaining insurance bonds, I have had no complaints relating to individual cases or to specific difficulties.
I understand that four insurance companies are at present issuing bonds of the kind referred to by the Deputy. In addition the Insurance (Amendment) Act, 1978, has enabled all licensed banks to issue such bonds.
It has to be recognised that the issuing of bonds involves a number of technical and subjective considerations and that individual contractors may from time to time experience difficulties in obtaining bonds. Subject to that, I have no reason to believe that the market is not adequately provided for.