British Insurance Brokers' Association has announced the renewal of its loss recovery insurance scheme contract with claims service advocate Lorega for another three years.
At the same time Lorega has enhanced the British Insurance Brokers’ Association (BIBA) 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 GBP1,000; GBP1001 to GBP5000; GBP5001 to GBP10,000; GBP10,001 – GBP40,000 and over GBP40,000. Commissions of up to 40% are also available.
Insurance policies that include BIBA’s loss recovery scheme give clients access to claims negotiators who work with the broker to ensure a fair and fast settlement to the satisfaction of all parties. Lorega’s claim negotiation experts will deal with all covered losses but they are especially needed in the event of non-straightforward claims, and, as representatives of the policyholder, often work alongside the insurers’ loss adjusters to agree settlement.
Eric Galbraith, CEO of BIBA said: 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.