| Link(s): | New guidance from BIBA seeks a clearer approach to disclosure BIBA – A Clearer Approach to Disclosure – Page 1 |
Context
BIBA has published a brief guide containing what it describes as ‘cross-industry guidance’ suggesting that a “clearer approach to disclosure” will reduce misunderstandings about what should have been disclosed about certain issues when cover was taken out, such misunderstandings causing, in some cases, a claim to be repudiated or reduced.
This is in line with a BIBA 2025 Manifesto pledge to work with insurer partners to establish a set of principles to help guide how the industry asks questions of individuals and businesses when they are applying for insurance.
Key points to note and next actions
- The two sets of suggested questions are “…put forward to the insurance industry as suggested template question sets for universal use.”
- The suggested ‘questions for consumers’ cover disclosures in relation to criminal prosecutions, insolvency, and policy cancellation, voidance or declinature.
- The suggested ‘questions for businesses including charities’ cover disclosures under the same headings as for consumers, but are slightly more detailed.