Biba launches underinsurance guide
Sixth guide in the organisation’s professional indemnity series as trade body calls for minimum 24 month indemnity periods.
The British Insurance Brokers' Association (Biba) has released a guide to underinsurance as part of its professional indemnity (PI) initiative.
The information has been published following the Financial Conduct Authority's thematic review into commercial claims which Biba said revealed an "alarming degree of underinsurance".
Biba pointed out that the effects of underinsurance can be devastating for both the insured and for the broker.
Indemnity
The review also revealed that in nearly a quarter of
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