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U.K.: Rising cost of insurance hits plastics recyclers

May 12, 2014 - 6:00am

U.K.-based Boomerang Plastics Ltd.'s general manager Ben Gerry said the climbing cost of insurance is the "most dangerous issue" that plastics recyclers in the country are facing amid some major fires, Plastics News reports.

Without revealing the amounts, Mr. Gerry said "our premium for next year has increased by around 2,000%," adding that stipulations from insurers "are now ridiculous."

Meanwhile, CKN Holdings Ltd.'s managing director Mark Whitney said recyclers had anticipated an increase in premiums, but "the magnitude of the increase was somewhat unexpected."

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