Precision Broking Ltd Launches Tailored Insurance Facility for Commercial Explosives and Munitions Industry

Precision Broking Ltd (www.precisionbroking.com) has been reporting to IExpE over the past 18 months on their progress in creating a specialist insurance facility for the Commercial Explosives / Munitions Industry Sector and have now confirmed the new facility, Explosive Commercial Insurance, is in place. Unlike most industry sectors there has been no access to a tailored insurance programme and industry members have had to approach the insurance industry and be treated as unique high hazard risks. The resulting premiums are expensive and cover has often been restrictive, disappointing or impossible to arrange. Precision has secured the support of a team of Syndicates at Lloyd’s to support and underwrite the facility providing the following:

• Combined Liability
• Professional Indemnity
• Commercial Combined (Property – Business Interruption)
• Marine Cargo
• Personal Accident
• Business Travel

These will be available to the following industry range:

• Mining/Quarrying/Tunnelling
• Demolition
• Oil and Gas
• Munition Manufacture
• Ballistic / Munition Testing
• EOD / IED (Land and Sea)

Explosive Insurance will support IExpE’s approach to competency and risk management and will be supported by a rolling survey programme staffed by explosive sector experts. The insurance programme is designed to improve access to insurance for the sector over the long term by ensuring the co-operation between the explosives and insurance sector through claims and risk management.

IExpE have now reached the next stage of the project which is to test the specialist facility to demonstrate that it delivers competitive premium levels and high-quality cover. We need volunteers to share their current insurance arrangements and future requirements with Precision who will use the information to prepare comparative insurance terms in order to test the facility and demonstrate the advantages of a specialist industry facility. If you are happy to volunteer and you can provide a contact person and details that Precision can work with to gather the necessary information, please get in touch at your earliest convenience. Email murray@explosivesinsurance.co.uk