Prestige Underwriting welcomes new EPAC legislation

Prestige Underwriting has welcomed the government’s plan to legislate to reduce the fire risks associated with electric power-assisted bicycles (EPACs) and lithium-ion batteries.

The recent King’s Speech included the Product Safety and Metrology Bill, which in part aims to clarify legal responsibilities for those supplying e-bikes and lithium-ion battery products.

The Bill should also enhance compliance and enforcement measures.

This comes after research by Prestige Underwriting found a significant rise in the average cost of fire-related home insurance claims, now exceeding £24,000, which is partly attributed to the increased usage of lithium-ion batteries in the home.

Alison Williams, Managing Director at Prestige Underwriting said, “The escalating trend in fire-related claims, particularly fuelled by lithium-ion battery-powered devices, is a considerable concern. Legislative change is urgently needed to reduce the risk to households from these devastating fires. We warmly welcome the government’s intention to legislate. While it is early in the process and there is much work to be done, we encourage other insurers to support the Bill to reduce risks to human life and property.”

Prestige Underwriting has now produced a consumer guide on the issue of lithium-ion fire risks, which is available from brokers with arrangements with Prestige Underwriting.