Founders claim waste management is underserved sector
A new Lloyd’s underwriter has been launched to target the recycling and waste management sector.
Solon claims that it is designed to help plug a capacity shortfall for recycling and waste management risks with very few underwriters offering specific products for the sector.
Solon Underwriting, which is headed by managing director Bill Adamson, is focusing on smaller companies initially in the UK and other European Union markets, which may have believed they were too small to access an insurance solution.
Adamson said: “They need to be provided with insurance that covers the risks they face, many of which are specific to the industry, and at a rate that recognises their investment in plant, machinery and robust risk management.”
The UK recycled 38% of its solid waste in 2011 with further increases set to be driven by inflation-linked rises in the rate of the tax on landfill disposal, which has increased from £15 per tonne in 2006 to £80 per tonne last year.
Solon has been launched in conjunction with Ambant Underwriting Services and Heritage Group.