Fire Insurance for the Waste Industry
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Fire is the number 1 source of insurance claims within the waste and recycling industry.
On a bank holiday In 2011 an arson attack resulted in a major fire, causing extensive damage to a successful recycling business and a lot of unwelcome publicity.
Too often in cases such as this, the resulting insurance claim can lead to a significant payment shortfall: In some instances as much as £1 Million or more. Claims can take months or even years to resolve, attracting huge legal costs. Adequate cover becomes hard to find and premium costs rise significantly. These problems can be caused by inadequate risk assessment. Although brokers will conduct an initial review, do they have sufficient information to make sure that the sums insured are adequate and do they reassess on a regular basis? There have been cases in which the insurer has made it clear that they would not have accepted the risk had they fully understood the business!
This case helps to illustrate why:
- Insurers are withdrawing from the market at an accelerating rate.
- Premiums are rising significantly, whether or not you have made a claim.
- Out of hours and holiday cover are increasingly hard to find.
If you should suffer a fire, would your insurance fully cover the potentially devastating consequences for your business?
Here is a checklist of some simple actions you can take to minimise the likelihood of this happening to you:
- Make sure that your insurance broker and company has a full understanding of your business. This will help ensure that you have the right cover in place and that your losses are fully met in the event of a claim.
- Make sure your insurance broker and company has an in-depth understanding of our industry. Waste is a complex business requiring specialist capability.
- Review your insurance needs well in advance of your renewal date. Rushed decisions tend to be bad decisions and you cannot afford to get this one wrong!
- Help your insurer by providing evidence of the steps you have taken to reduce fire-risk. We can provide a simple checklist that will help you do this.
- Install appropriate fire suppression systems and fire extinguishers throughout your premises. Again, get in touch if you would like further advice.
- Work with insurance companies who use independent risk surveyors. By taking this simple step we have helped to ensure that our clients’ interests are properly represented.
Taking these steps will help ensure you are properly covered; minimise the likelihood of experiencing a significant fire; and keep the cost of your premiums in check.
We understand the Waste Industry and have specialist staff to deal with all of your insurance requirements. Arthur Marsh are proud to be a member of the Chartered Institution of Waste Management (CIWM).