Members of the Cold Storage and Distribution Federation (CSDF) are saving an average of 26% on their insurance premiums through an exclusive facility with broker Bland Bankart.
CSDF chief executive John Hutchings said that about 40% of the CSDF's members had renewed using the facility since it was established in February, and had achieved savings compared to market quotes.
Most of the risk is placed through Lloyd's but the CSDF is currently in talks with several insurers in the company market about turning the facility into a scheme.
Hutchings said members of the CSDF had seen their premiums skyrocket over the past three years due to the risks associated with composite panels. "Cold stores were being treated the same as food processing facilities and clearly they are not," he said.
A risk management survey is done on each company wanting to use the facility, and Hutchings said not all members were guaranteed cover. "We aim to improve standards right across the board, but we do not guarantee to provide insurance."