Insulated panel insurance breakthrough
The Insulated Panel Council Australasia (IPCA) has joined with insurance broker AB Phillips to offer users of insulated sandwich panels (ISP) competitive rates.
Companies building with panels have long been hit with some of the highest insurance premiums across the construction industry due to decades of conflicting information about increased fire risks.
IPCA chief executive Ron Lawson says the new insurance facility will restore confidence to the market and represents an insurance breakthrough for insulated panels.
“Insulated panels are safe and reliable, impartial analysis of readily available information and product testing dispels long held insurance industry misconceptions regarding panel performance. It is pleasing to see that a progressive insurance industry is now taking this approach. The new insurance facility is based on the IPCA industry Code of Practice and will be offered to all companies wishing to insure both new and existing Code compliant insulated panel facilities that have obtained Certification,” said Ron.
The certification must either be Code Compliant by having the facility built in accordance with the Code, or retro fitted to conform to the Code in the case of renewals.
“This facility is robustly underpinned by years of research, development and innovation by industry in collaboration with third party independent bodies that have performed this work over a considerable period of time,” said Ron.