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'remiums increase explosively
Page 9
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by Miles Brignall uliers carrying goods even rnotely linked to explosives large insurance hikes in a light of last September's ants in New York.
One West Country haulage on, which does not wish to be med. has been told by its ;trance company that it won't renew Its policy—as a result of switching companies it has seen its premium rise from £11,000 to more than £26,000 a year.
The company used to insure with Crowe Insurance Group which was recently taken over by Red Star Equity. Despite making just one £900 claim in four years. the owner was told by Red Star that it would no longer offer his company cover when it was due for renewal.
As a result he had to shop around and was told that the fact that he carried marine flares—which are essentially explosives—meant the price would be significantly higher.
"We only have four vehicles to insure and the largest is just 13 tonnes," he says. '1 estimate our insurance bill has gone up 140% at a time when customers are reluctant to offer a rate increase—this money will come straight off our bottom line."
A spokeswoman for Red Star says the company is not renewing any business that does not fit into its underwriting policy.
"We suspect that the majority of the Crowe policies will be renewed," she says. "We look at them on a case-by-case basis but we can only renew those that conform to our existing underwriting criteria."