Commercial fleets owners will be able to increase their risk retention with a new service from start-up provider Up2U.
The company has launched a motor risk management product for both small to medium sized businesses, offering a self-insured retention of up to £100,000.
The insured element will be underwritten at Lloyd's.
The product will be available to all brokers and enable them to offer commercial fleet self-insurance without having to set up a captive or require a letter of credit from the client.
Up2U will target 50,000 to 60,000 private and public sector fleet clients in it first year.
Michael Harvey, Up2U marketing director, said: "Although self insurance is not a new concept, what is new is the concept of offering what we call a risk threshold as high as £100,000."
He added: " This product will hopefully drive forward the issue of health and safety for fleet companies."
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