Loss recovery rates reduced following Biba renewal

The British Insurance Brokers’ Association (Biba) has announced the renewal of its loss recovery insurance scheme contract with claims service advocate Lorega for another three years.

Lorega said it has enhanced the loss recovery insurance product by introducing a simplified and lower cost rating system.

The new banded rating plan provides flat rates for premium of under £1,000; £1001 to £5000; £5001 to £10,000; £10,001 - £40,000 and over £40,000. Commissions of up to 40% are also available.

Commenting on the Biba relaunch, Lorega’s chief executive, John Sims said: “With brokers facing ever increasing competition the time was right to review our proposition to help Biba members stay ahead, especially in the event of a claim.

“Our experience shows that our cover adds real value to a brokers’ offering and we hope that the new lower rates will enable even more brokers to take advantage of our service.”

Eric Galbraith, chief executive of Biba added: “We have always been very supportive of Lorega’s loss recovery product as it is very much in line with both the FSA’s Treating Customers Fairly initiative and our very own ethos of offering support remedies to members. This scheme allows Biba members to offer greater claims assistance to their clients with flexible and specialist expertise and offers additional revenue opportunities. Now with even better rates this scheme provides our members with a real advantage to compete in a highly competitive marketplace.”