ISUWA set to launch liability facility in September
Alexander Forbes and a leading risk manager are putting together a panel of insurers for tough-to-place liability risks. It is set to launch in September.
The new facility will be run by the Industry Specific Underwriting Association (ISUWA). The organisation was created earlier this year to manage tough-to-place food industry property risks, such as food processing plants built using composite panels.
Uniq group risk manager Derek Mason is leading the project alongside Alexander Forbes. He said that the move was driven by demand from small-to-medium sized enterprises (SME) who are still suffering large premium hikes with very restricted availability of capacity.
Mason said: "In the two months since ISUWA started we have been able to match-make between the underwriters and the risks on many occasions. We have also had inquiries from companies in the supply chain about whether we could help with liability risks.
"We are talking to underwriters and hope that we will be able to launch something in a couple of months," he added.
ISUWA has £50m capacity with a panel of seven insurers for property risks.
Mason, who is chairman of Airmic's food and distribution forum, once gave his time for free but now Uniq is charging him out for his work with ISUWA.