Any old iron...the nuts and bolts of scrap metal insurance
Proving conclusively that one man’s trash is another man’s treasure, a schoolboy in America has made the news after crafting a fully-working submarine from £600 of scrap metal.
The sub can stay underwater for up to two hours at a time and travel to depths of 30 feet.
But paying cash for any of that scrap metal, in this country at least, would only have landed him in hot water - as new rules here prohibit cash payments for scrap metal.
Those legislation amendments were made at the end of last year, but further changes are to come into force in October as part of an overhauled Scrap Dealers Act.
The aim is simple. Better regulation of a scrap metal industry that is worth £5.6m every year, and employs almost 8,000 people in the UK.
Scrap metal recycling is, on both sides of the Atlantic, a growing industry. Here it is hoped that better regulation will reduce scrap metal theft, improve record-keeping, and further encourage the upward trend of the scrap metal business.
Scrap Metal Dealer Insurance
But if most scrap metal dealers welcome the new regulations, they are sure to bemoan the continued difficulty of getting insurance for their van.
Like any road-based tradespeople, scrap metal dealers are often refused insurance on the grounds of being a road risk too far.
Regular insurers point to the frequent stopping and starting, leaving your van unattended at the side of the road, as well as the loading and carriage of heavy goods as causes for concern.
Thankfully, specialist insurers are on hand to provide quotes for scrap metal van insurance – so as the industry heads into an era of tighter regulation, you too can get your paperwork in order.
Comparing quotes for scrap metal truck insurance couldn’t be easier. At QuoteRack, we select only the most appropriate insurers to provide a quote – so you don’t have to go rooting through the rubbish to find a gem of a policy…