Six-year agreement to provide let property insurance for BIBA members extended

BIBA has announced the renewal of its BIBALET scheme with Letsure, part of Erinaceous Insurance Services (EIS), Insurance Times can reveal.

The new contract commenced yesterday. Letsure has operated the specialist scheme, designed for brokers selling to the let property market, for six years. At present it serves over 300 BIBA members.

It is understood that Letsure fended off intense competition, including from Towergate, in order to win the scheme.

The news comes months after CCV acquired letting specialist, MARAS, and subsequently poached a team from EIS with the expressed intent of growing the letting business.

The BIBALET portfolio includes:

• landlords buildings
• landlords contents
• tenants contents
• holiday homes
• multiple property owners (residential and commercial)
• rent protection (rent and legal protection)
• legal protection

Letsure managing director, Victoria Hotchkin said: “We are absolutely thrilled that BIBA has renewed our contract to continue operating the BIBALET scheme. It is a testament to Letsure’s unrivalled underwriting agency and lettings industry experience, as well as its commitment to insurance product innovation. By any measure, there is no other insurance provider offering such a wide range of let property insurance solutions as Letsure.”

Peter Staddon, BIBA Head of Technical Services said: “BIBALET offers in-house claims and legal teams together with lettings and insurance industry qualified personnel to ensure that BIBA brokers provide to their let property owner clients the best possible advice and first class service”.