New publication offers regulatory and legal background
Biba has launched a new guide to brokers on advising clients about limitation of liability
The new publication,entitled Facts about limitation of liability, aims to help brokers to manage their financial risk and ensure that it is proportionate to client engagement.
The publication provides background on the regulatory and legal position and information on what a limitation of liability clause or agreement might contain as well as what it should not. Produced with help from Beachcroft LLP, the guide was developed by the London Market Region Committee LMRC.
Ken Davidson, chair of the LMRC, said: “This is a very complicated subject fraught with potential pitfalls for brokers, with both legal and regulatory restrictions. We have sought legal opinion and I’m delighted that LMRC has been able to drive this forward and has really hit the ground running.”
Amanda Blanc, Towergate deputy group CEO and LMRC committee member, said: “It’s about time there was clarity on this subject. This is really about brokers putting their own risk management advice into practice whilst still providing their clients with a good level of protection.”