Unfortunately for many businesses time is of the essence.

Lough Derg Aqua Splash in Dromineer, Co Tipperary, closed on July 13 because no insurer would provide a quote.

Owner Stephen Fitzgerald said it was “incredibly frustrating” being shut while Ireland basked in sunshine. 

“We were closed for long periods during the pandemic and it would have been a chance to make back some money,” he said.

He paid a premium of €25,000 last year with a €10,000 excess.

“Insurance wasn’t an issue when we started out in 2016 but in the last couple of years we have been crippled,” he said. There is one claim pending against the water park, which is being defended by the business.

Insurance broker Arachas said it was in “the early stages of discussing a solution” with Ireland’s Association for Adventure Tourism (IAAT). Meanwhile, a number of its water-park members are fighting to get insured.

Businesses in the hospitality sector are also struggling to source affordable insurance.

Adrian Cummins, CEO of the Restaurants Association of Ireland, said he was “deeply concerned”. “There has been a 40pc increase on average in premiums across the sector,” he said. “This is unsustainable for an industry trying to recover from the economic impact of Covid.”

McDonoughs pub in Bettystown, Co Meath, has been trading since 1896. Now the McDonough family fear they will never be able to pour a pint again after their public liability insurance doubled in price. Their prospects of getting building insurance also look bleak.

Áine McDonough’s 85-year-old father owns the pub. She said the stress of securing insurance had taken its toll on him. “It is a building of great historical significance in the village and one of the few tourist attractions left open to the public in Bettystown,” Ms McDonough said. “Most importantly it has been the family home for over three generations. Now it’s at risk of abandonment because nobody will take the risk to insure it.”

Building insurance doubled last year and Ms McDonough was told this week that the current insurer is quitting the market. Last October, she made the difficult decision not to reinsure it as a licensed premises due to concerns about further lockdowns, and instead operated it as a takeaway coffee shop.

“During the first lockdown my father experienced over €20,000 in losses related to the insurance premium he had paid for that year,” she said.

“When you hear those words (‘we can’t get anyone to quote building insurance’) and you are the gatekeeper to two beautifully thatched buildings, one in which your elderly father is due to live out the rest of his days, you feel overwhelmed with fear and hopelessness.

“We no longer operate as a pub and it’s unlikely we will do so unless the price of public liability insurance reduces dramatically. On the one hand we are obliged by the State to preserve the thatch on our pub  but on the other hand, the State is not helping us to get insurance to cover it.”

Businesses in the childcare sector also dread renewal time. Only one insurer is currently providing quotes for creches and pre-schools.

The Irish Independent  asked more than 100 creches about their insurance costs, with the majority indicating they have seen an increase in their premiums in the last three to five years. Some had seen modest increases, others have seen their premiums quadruple.

Minister of State for Insurance Seán Fleming had indicated his department was working to secure alternative insurers for the industry. Sources said two new underwriters were due to enter the market. However, when the Irish Independent contacted Insurance Ireland, it said it was unaware of this.

“We’re not aware of insurers entering the childcare market… but would welcome it if new capacity is available,” a spokesperson said.