The British Insurance Brokers’ Association (BIBA) has identified brokers that specialise in insurance cover for military personnel and can provide flexibility in policies for armed forces personnel and their families.
The British Insurance Brokers’ Association (BIBA) has identified brokers that specialise in insurance cover for military personnel and can provide flexibility in policies for armed forces personnel and their families. Working alongside the Ministry of Defence (MoD), this comes in response to a need to help members of the armed forces access suitable insurance protection.
The benefits of the new commitment include waiving cancellation fees for policyholders, providing a pro rata rebate when a member of the armed forces community is posted overseas and freezing any no-claims discounts accrued by a member of the armed forces community on their motor insurance for up to three years.
The Find A Broker service operated by BIBA can now connect service people with the brokers most able to find an appropriate insurance solution. And member firms of the Association of British Insurers, representing approximately 86% of the UK motor insurance market, have announced new commitments to armed forces personnel, in partnership with 19 motor insurance companies.
Speaking on Armed Forces Day (25 June), Graeme Trudgill, executive director at BIBA, said: “We are delighted to be able to provide some additional flexibility to members of our armed forces, who have not always found it easy to arrange suitable insurance cover to protect themselves or their property. It is particularly pleasing on this day, celebrating all of Her Majesty’s forces, to be able to announce that insurance brokers are providing a solution that will make a difference to the members of our services.”
Keith Frampton, of BIBA member Forces Insurance, added: “The insurance needs of the military have been discussed at the highest level. In addition to the commitment to the MoD on cancellation fees and no-claims discounts, we and a number of other BIBA members can supply policies specifically tailored to serving members of the armed forces including ‘laid-up’ motor cover when personnel are on deployment; full motor or home cover when on base; business driving use to enable personnel to visit more than one military base for duty purposes; and providing cover when personnel are based overseas.”
Defence Secretary Michael Fallon said: “When our armed forces are posted overseas to protect our country, they can lose out on the discounts the rest of us take for granted. This is a welcome move from the leading insurers to help them get a fair deal. I look forward to further pledges from businesses to support the Armed Forces Covenant.”
Mr Trudgill concluded: “The insurance needs of the armed forces can be quite complex and require special treatment, which is why it is important for military personnel to speak to an insurance broker that really understands their requirements.”
The Find A Broker service can be found via www.biba.org.uk or by calling 0370 950 1790.