Avoid overpriced insurance for your cold storage facility
Insurance for premises with insulated panels is difficult and expensive to buy. This is because historically, insulated panels have been made from materials that pose a high fire risk, resulting in a high number of expensive insurance claims. The knock-on effect of insurance claims is of course, higher premiums.
These days there are better, less risky options when it comes to insulated panels. In fact, there are 11 different types of insulated panels and you can see them and their different properties on our website here - https://www.abphillips.com.au/industry-specialities-eps-insulated-panel-insurance
Generally speaking, insurance companies don’t understand the risk differential between the different types of panels. They link all industries together when assessing premiums for facilities containing insulated panels. This unfairly disadvantages cold storage facilities as fires in these buildings are very rare - most of the big claims have been from bakeries and abattoirs.
For more information call Alan Limpyer on 0412 981 272 or email alanl@abphillips.com.au
For more information about AB Phillips visit https://www.abphillips.com.au/industry-specialities-eps-insulated-panel-insurance
Due to the expensive claims history of premises containing insulated panels, many insurers won’t insure them. This has reduced the competition in the marketplace further fuelling higher premiums. In one instance, we had a cold store client that was quoted a 500% premium increase on the previous year!
It’s not all doom and gloom though. Over the past couple of years AB Phillips have worked closely with insurers to educate them of the different risks associated with the various types of panels and apply more appropriate risk assessment criteria when considering insurance for premises containing insulated panels.
When sourcing insurance quotes the key is knowing what type of insulated panels are used in your facility. The insurers we work with will also look more favourable upon cold storage facilities.
AB Phillips have been working with APAL for some time and have been able to assist members in several states with their insurance. We are experts in this area and can advise you on risk management and obtain alternative quotations for you.
The information provided in this article is not intended as advice about which insurance products are suitable for your circumstances. Before you make any decisions about whether to acquire an insurance product we recommend you obtain advice by contacting an AB Phillips risk adviser.