Lloyd's broker The Carroll Group has launched a policy to cover the hazardous chemical distribution industry to compete with rival broker Oamps Group.
The scheme is backed by Lloyd's insurer Amlin, which is to provide unlimited capacity for fleet and liability covers.
The Carroll Group will target companies that operate in the storage and distribution of hazardous goods, such as fuel distributors, waste carriers and chemical/solvent blenders and distributors.
David Ezzard, divisional director at The Carroll Group said: "The main problem for those people who deal with the carriage of hazardous goods is that most insurers will only provide £1m third party property damage cover whereas the industry demands £10m."
The policy will provide £10m third party property damage for hazardous goods carrying vehicles and £20m cover for commercial vehicles.
The industry sector has been dominated by Australian broker Oamps which is backed by Zurich and QBE. Ezzard anticipated that the sector will be worth £10m in premium within three years.
