BIBA expands its professional indemnity insurance initiative to members
The British Insurance Brokers’ Association (BIBA), has launched a claims and notification advisory service with Flaxman Partners and Hugh James solicitors as part of its professional indemnity (PI) insurance Initiative.
The service offers BIBA members access to expert, independent advice on all issues relating to managing PI claims including handling complaints, notification of claims and dealings with insurers, claimants and third parties. It is aimed at members who do not have the benefit of using a BIBA accredited broker.
Key benefits include free initial consultation and preferential rates for members, timely, expert advice on PI claims matters, guidance on commercial solutions to PI problems, reduced PI claims management costs and avoiding unnecessary litigation which may affect reputation.
Graeme Trudgill, BIBA technical services manager, commented: “This advisory service brings a further enhancement to BIBA’s PI initiative. This is an opportunity for members to obtain specialist advice at a time they will feel most vulnerable. They will have the benefit of someone entirely on their side.”
Roger Flaxman, managing director of Flaxman Partners said: “Dealing with your own PI claims is complex, stressful and costly. We are pleased to be working with BIBA to provide members with this unique service”.
Hugh Price of Hugh James solicitors said: “In this litigious society brokers need someone on their side. There is a common view that in the event of a claim the insurer’s solicitor will give precedence to the interests of the company that has appointed them rather than the policyholder [i.e. the broker]. It is very important that BIBA has offered this support to its members”.