Markerstudy Toba “totally unacceptable”
The British Insurance Brokers’ Association (Biba) has slammed the one hour reporting requirement of an accident claim in Markerstudy’s new terms of business agreement (Toba) as totally unacceptable.
The Toba, released in August, states that brokers must notify the insurer within one hour of being made aware of a claim by a policyholder or third party. The Toba also says that the insurer has the right to cancel its agreement with brokers without notice should they fail to do so.
Steve Foulsham, technical services manager at Biba, told Insurance Age: "Whether you call it unworkable, totally outrageous or whatever term you use, it is not in the spirit of the agreement with the broker to have a
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
BMS completes David Roberts & Partners buy
BMS Group has finalised the acquisition of David Roberts & Partners, after it was announced in earlier this year.
People Moves: 16 – 20 December 2024
Keep up to date with the latest insurance industry personnel moves.
Review of the Year 2024: Flood Re’s Stuart Logue
Stuart Logue, interim CEO at Flood Re, reflects on its first Parliamentary drop-in sesson and the Flood Resilient Garden at the Chelsea Flower Show as well as sharing a prediction about Build Back Better.
Pen names Hannah Fry as COO
Gallagher-owned Pen Underwriting has appointed Hannah Fry as chief operating officer joining the executive team on 6 January 2025.
Brokers urge Aviva not to let DLG deal dull service
Brokers have hailed the ongoing improvements at Aviva and called on the provider not to be knocked off course in the regional market should the Direct Line Group takeover complete as expected.
CEO Ross hails “new phase” as Ardonagh valued at £11bn after Stone Point investment
Ardonagh has announced an equity investment from funds managed by US-based private equity firm Stone Point Capital LLC, the alternative investment management specialist, that values the broking group at $14bn (£11.04bn).
Review of the Year 2024: Acrisure UK’s Mark McIlquham
Mark McIlquham, CEO of Acrisure UK, expresses disappointment at high-quality independent intermediaries selling to consolidators; still thinks a big insurer might snap up a broker; and reckons his children would take delight in watching him take part in a bushtucker trial on I’m a Celebrity ... Get Me Out of Here.
Financial Affairs buys Owen & Ewing
Burnley-based Financial Affairs has completed its fourth acquisition purchasing Owen & Ewing Insurance Brokers.