In partnership with Bollington Insurance, the British Insurance Brokers Association (BIBA) has announced a new care sector insurance scheme for its members.
The new care package is being underwritten by several insurers specialising in the market and puts care products in reach of even the smallest of BIBA member brokers, with Bollington providing the scheme and placing business.
Speaking with
Insurance Business UK, BIBA’s head of technical services Mike Hallam said the scheme is specifically designed to allow smaller brokers access to products they might not have been able to access previously. Without being able to commit a significant amount of business, a target often out of reach of smaller brokers, many insurance companies won’t offer a quote.
“Whereas with Bollington, under our agreement, if you’ve got one care home or 100 care homes they will still provide you with a quotation,” said Hallam.
“It’s a need for our members in a sector that’s got increasingly difficult and is likely to develop further. That’s why we’ve entered into an endorsed agreement with [Bollington], because they’re specialists in that sector.”
Access to the care market for brokers is of increasing significance since the sector is expected to continue growing, especially in aged care.
“It is a growth sector and it will continue to grow, so I think it’s something our members will definitely benefit from,” said Hallam.
The areas that will be covered include several varieties of residential care, supported living and adoption agencies. The combined policies cover material damage, business interruption, employers’ liability and public liability up to £10 million.
Significantly, the policies also include abuse cover up to £5 million on both occurrence or claims made basis wordings, with retro abuse cover an option with certain insurers. Insuring against abuse claims has been a significant challenge within the care industry, but the scheme on offer from Bollington and BIBA offers broad cover.
“We have been operating a separate care division within Bollington for the last 14 years and during that time we have built up a significant amount of expertise within our broking and account management team,” said Carl Shaw, director from Bollington Insurance. “Our team understand the risks faced by organisations in this sector and will be on hand to help any BIBA member requiring assistance.”
Related stories:
Liberty Mutual launches product for youth sector
BIBA identifies policies to help Armed Forces members
