Biba has issued guidance for its members on how to navigate hardening markets
Biba has pledged to guide its members through the “perfect storm” of hardening markets.
This was one of the broker trade body’s seven key points in its annual manifesto launched today.
”Brokers currently face particularly difficult trading conditions brought about by a rapidly hardening market and the withdrawal of insurance capacity in certain sectors,” it said.
”This ‘perfect storm’, fuelled in part by Covid-19, is seriously impacting the ability of some to obtain cover. Biba will guide its members on how to navigate the hard market and collaborate with government to design temporary solutions where needed.”
Biba has issued guidance for members, which focuses on some of the hardening classes, including directors and officers (D&O) and professional indemnity, as well as property insurance for cladded buildings, and cover for care homes.
In addition to the guides, Biba also plans to host a series of webinars on the subject and raise awareness about its schemes and facilities ”which offer ready solutions to some difficult to place risks”, it said.
Biba said that in some areas, the protection gap could only be filled via government intervention, such as the trade credit and film/TV restart schemes, which the trade body was in involved in setting up.
Biba will continue to engage with Government on other sectors where the market is unable or may not always be able to meet all business insurance needs.