Home Industry News Property Committee Meeting Digest 9/3/2016

Property Committee Meeting Digest 9/3/2016

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DEFRA Flood Survey

The survey had now been issued – 25,000 small businesses unable to access flood cover.  DEFRA were looking to repeat the survey.  BIBA are seeking a commercial solution for flood risk properties.

Insurance Act 2015

BIBA are working on issuing an Implementation Guide, including a smaller guide for the customer.  The committee reiterated that it was hoped that insurers and brokers would work together to provide some clarity when the Act comes into force.

The question of convictions spent under the Rehabilitation Act was discussed in relation to the Act and also declaration-linked (non-average) Business Interruption in relation to proportionate remedies.

Insurance Provision in Finance Agreements

The Loan Market Association (LMA) had produced a standard broker letter which is a significant burden on insurance brokers – the letter is often produced at the last minute, cover needs to be agreed with insurers and very often the letter is in a different format.

It was agreed that a sub-committee would look to meet with the British Bankers Association and the British Property Federation and frame a response to the LMA’s letter.

Reporting Mandates

BIBA was looking to re-engage with the ABI to ensure the standard format remains fit for purpose and also look to engage with the Managing General Agents Association.

ABI/BIBA Vulnerable Customer Code

BIBA and the ABI were working together to produce a code.  BIBA would also ensure that a brokerASSESS module was available for staff training on the code.

Index-Linking of Sums Insured

The approach by insurers varies, but coupled with the rise in IPT resulted in a 9%-10% increase in property premiums.

Terrorism Insurance on Household

In response to a member query the committee view was that this was a standard exclusion, other than some high-net worth policies, and the Government would be the compensator.  There is also a commercial solution available in the market.



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