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  • About BIBA

    The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.  BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.  

    BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.  BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards. 

BIBA launches BI Declaration Template to reduce under-insurance


In 2015 the British Insurance Brokers’ Association (BIBA) created guides for brokers and their customers to address the issue of under-insurance in respect of commercial insurance.  The resultant industry discussion highlighted particular issues with assessing correct levels of cover for business interruption insurance (BI), one of the most complex areas of insurance for any firm.

A survey by the Chartered Institute of Loss Adjusters (CILA) found that one of the biggest issues causing BI under-insurance was around the failure to include wages in the gross profit calculation and the lack of annual declarations.  Malcolm Hyde, Executive Director at CILA said: “Declaration policies provide the opportunity to get this right. An appropriately worded calculation declaration could go a long way to avoiding this under-insurance.”

Taking this on board, BIBA in conjunction with its Property Committee and Insurance Brokers’ Standards Committee, has today launched a standard BI Declaration Template to be used across the market to help reduce under-insurance. The template sets out clearly, with guidance notes, which figures need to be declared, in relation to what period and how these feed into the BI sum insured.

BIBA Executive Director, Graeme Trudgill said:  “It is vitally important that businesses have the right level of cover in place on their BI insurance to enable them to get back to the trading position they enjoyed before a claim.  Ensuring that clients submit declarations and that the figures used in the calculation of the sum insured are accurate is of great value in setting the right level of cover.  Promoting the use of a standard form of declaration that needs to be submitted each year will definitely help negate this issue.”

The BI Declaration Template is available to BIBA members online at

BIBA Technical Services Manager, Martin Bridges concluded: “We engaged with insurers and brokers to create the template and this collaboration will aid customers and help brokers to maintain excellent professional standards.”

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