BIBA clarifies limitation of liability for brokers

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The British Insurance Brokers' Association (BIBA) has launched a new publication to provide clarification to brokers on the issue of limitation of liability when advising clients.

The publication "Facts about limitation of liability" aims to help brokers manage their financial risk and ensure that it is proportionate to client engagement.

Legal opinion was sought from Lawyers Beachcroft LLP in order to produce the publication which provides background on the regulatory and legal position, information on what a limitation of liability clause or agreement might contain and what it should not contain.

Ken Davidson, chairman of BIBA's London Market Region Committe said: "This is a very complicated subject fraught with potential pitfalls for brokers, with both legal and regulatory restrictions. We have sought legal opinion and I'm delighted that LMRC has been able to drive this forward and has really hit the ground running."

As part of the BIBA Professional Indemnity Initiative, there are three BIBA accredited brokers who can help members with issues raised in this document - Lockton Companies International Limited, Towergate Partnership Limited and Howden Insurance Brokers Limited.

 

 

 

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