Sometimes it is insightful to track both the timeline and the words that accompany it. On March 17, 2020, as the lockdown came into effect, Fiona Muldoon, the then chief executive of FBD, informed representatives of the pub industry that the Irish-owned insurer would not be covering claims for business interruption cover as a result of Covid-19. According to contemporaneous notes made by the publicans at the time, Muldoon said even if FBD wanted to pay out, its own reinsurers were not covering it. The next public statement from FBD came in a trading update to the stock market on…

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