The insurance market for the recycling sector has been challenging for the last few years, with the number of providers in decline and minimum premiums going up.
Smaller companies have been particularly badly hit as the minimum premiums charged by the remaining players can be as high as £10,000. Companies that lease equipment also have a dilemma in that the lease companies will often insist that their asset is protected by insurance cover.
There is now a glimmer of hope for smaller recycling companies looking to insure assets with a new Lloyd’s based facility aimed at businesses where the total sum insured does not exceed £500,000. Each risk is considered on its own merit but the minimum premium level is set at £2,500.
For more information, contact Tony Gibbs on 0118 9165485.