The British Insurance Brokers’ Association (BIBA) has committed to help members of the military with its landmark signing of the Armed Forces Covenant.
According to BIBA, some of its members have already vowed to provide more flexibility in insurance arrangements for members of the Armed Forces and their families.
The trade group said member brokerages are waiving cancellation fees and providing a pro-rata rebate when a member of the Armed Forces community is posted overseas.
Brokers are also freezing any “No Claims Discounts” accrued by a member of the armed forces community on their motor insurance for up to three years.
Several BIBA members can also provide additional offerings such as “Laid Up” cover when personnel are on deployment and full cover when they are “on base”.
“Insurance brokers are used to finding solutions and we have been working with the [Ministry of Defence] to ensure that members of the Forces can access suitable insurance,” said BIBA chief executive Steve White.
“Signing the Armed Forces Covenant was a natural progression of the work we were doing and we are proud to formally demonstrate our support,” he added.
Mike Penning, Minister of State for Armed Forces, thanked the insurance industry body for joining 1,000 employers which have already signed the covenant.
“We are particularly pleased to have this commitment from the insurance broking sector,” he said. “Armed forces personnel often have specific and changing needs and having expertise on hand to help when they want it makes their complex lives simpler.”
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