Biba 2018: Biba creates business interruption template to tackle underinsurance
Trade body collaborated with brokers and insurers to create the template.
The British Insurance Brokers’ Association (Biba) has launched a standard business interruption (BI) Declaration Template to help reduce underinsurance.
Biba detailed that the template clearly sets out, with guidance notes, which figures need to be declared, in relation to what period and how these feed into the BI sum insured.
The trade body stated that form had been created in conjunction with its Property Committee and Insurance Brokers’ Standards Committee.
The move follows the guides
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