EPS Insurance
EPS Insurance (Expanded Polystyrene) is a popular type of installation panelling in the food, beverage, and pharmaceutical industries across Australia and has been a popular choice in building for decades.
EPS is very combustible and, when on fire, spreads quickly and, in most cases, is invisible within the sandwich panels, producing toxic fumes when ignited. Insurers in the Australian markets will only consider cover where EPS is less than 20-30% of the floor space or dependant on risk, irrespective if sprinklers are installed
SOME RATING FACTORS ARE:
Nature of the business, risk management process, age of building and the type of EPS panelling installed
- Nature of the Business
EPS insurance requirements are influenced by the type of industry, such as manufacturing, warehousing, or construction. Increased fire hazards may result in higher premiums for high-risk industries, such as those that use EPS for insulation in flammable settings.
- Risk Management Process
Effective risk management techniques, such as fire safety procedures, routine inspections, and correctly installed EPS, can reduce insurance premiums. Insurers evaluate a company’s capacity to reduce EPS panel risks, like flammability or structural failure.
- Age of Building
Older structures with EPS panelling pose higher risks due to degraded materials or outdated safety standards, leading to higher premiums. Newer buildings with modern, fire-resistant EPS panels may qualify for lower rates.
- Type of EPS Panelling Installed
Insurance is seriously affected by the fire rating, density, and quality of EPS panels. While untreated or substandard EPS panels raise liability and insurance costs, fire-resistant or treated EPS panels mitigate risk and may result in lower premiums.
Regular building audits including damaged insulation panels and repairs
Frequent building audits, which include inspections of damaged EPS insulation panels, aid in risk identification and ensure prompt repairs. By upholding adherence to safety and performance requirements, this proactive strategy reduces damage and promotes EPS insurance coverage.
The housekeeping standards in place
Ensure that the materials are kept clear of contaminants such as dampness and debris and that they are kept clean and well-maintained.
Automatic Fire Detection and alarm systems installed
Early fire detection reduces the possibility of serious harm and ensures compliance to EPS insurance policies that place a high priority on fire safety.
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What are Australia's EPS insulation safety regulations, and how do they impact insurance coverage?
Australian fire safety requirements, such AS 3959, must be followed by insurance companies. Better coverage and risk reduction for EPS insulation are guaranteed when these standards are followed.
What factors affect the cost of EPS Insurance in Australia?
Building size, the degree of fire protection installed, maintenance history, and whether or not supplementary coverage for environmental damage is included are some variables that might affect the cost of EPS Insurance.
What are the exclusions in EPS Insurance policies?
- Poor maintenance or installation
- Environmental harm
- Wear and tear
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EPS Insurance (Expanded Polystyrene) is a popular type of installation panelling in the food, beverage, and pharmaceutical industries across Australia and has been a popular…