Premiums to rocket
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• The Road Haulage Association's new conditions of carriage will push up goods-intransit insurance premiums.
Insurance companies plan to increase their rates to cover the higher liability of £1,300 a tonne laid down in the conditions, which take effect on 1 June (CM 11-17 April). The RHA's previous conditions, published in 1982, recommended a basic liability of £800 a tonne.
The Provincial, Eagle Star and Sun Alliance insurance companies are all expected to put their premiums up from June.
However, the RHA says its own insurance arm is to keep premiums the same for the forseeable future.
The Provincial says premiums will increase, but "we are mindful of the fact that the RHA will keep at present levels".
Sun Alliance says premiums will be affected, but to what extent, we don't know".
Brokers specialising in the transport industry, such as CA Bowman Hunter, also predict higher premium rates for goods-in-transit cover.