A new facility has been set up to reduce insurance costs for buildings featuring certain types of expanded polystyrene (EPS) panels.

EPS panels have been blamed for a number of significant fires, and such buildings can be four times more expensive to insure than traditional brick or concrete structures, regardless of the type of panel used.

Insulated Panel Council Australasia and broker AB Phillips have now teamed up to launch a facility that aims to address the issue.

“All insulated panels have long been treated as equals by insurance underwriters, despite the differences in fire risk,” AB Phillips says in a statement.

“The facility is market-leading in that it recognises certain classes of EPS panels present a lower fire risk than traditional panels, and as a result are eligible to receive lower insurance premiums.

“This facility is only available for certain certified panels and installation.”

AB Phillips says it can now offer a “significantly lower premium”.